Cryptocurrency Analysis: Bitcoin Tops $70 Billion After Weekend Rally | Hacked: Hacking Finance
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Cryptocurrency Analysis: Bitcoin Tops $70 Billion After Weekend Rally

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Cryptocurrency Analysis: Bitcoin Tops $70 Billion After Weekend Rally

Introduction

This article was posted on Monday, 16:27, UTC.

Bitcoin is still all the rage in the crypto-segment, as the currency completed a 100% rally since the BIP 91 lock-in just three weeks ago, reaching $4250 this morning, for yet another new all-time high. The coin surged past our range-projection target and it’s now approaching danger zone regarding long-term momentum, with strongly overbought readings on the daily MACD.

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BTC/USD, 4-Hour Chart Analysis

The rest of the majors are mixed with Ethereum and Ripple trading higher, the up-and-coming NEO and IOTA continuing their advance, while Monero,  Litecoin, ETC, and Dash being virtually unchanged for the day and since last Friday. NEM is still in a volatile consolidation since hitting $30, as the total market cap of the coins hit $140 billion. The improving global sentiment could help the consolidating majors in the coming days, as BTC will likely start a correction soon after its stellar rally.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH is still trading near the $300 level, after clearing the short-term overbought readings. The coin is getting close to the rising trendline, and another leg higher in the rally is more and more likely. Strong support is found at $285, while resistance is ahead near $330, with the long-term picture still being positive.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin also remains in a narrow consolidation pattern, as it hovers around the $46 support/resistance level. The rising trendline and the $44 support level are converging with the short-term correction soon, providing a good entry point, as the MACD indicator is also back to neutral territory. Resistance is ahead at $50 and $56 while further support is found at $42.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still trading in the triangle consolidation pattern near the $200 level after a quiet weekend. The coin remains set up for a rally towards the prior highs, and the long-term target near the $260 level. Both the short- and long-term momentum is neutral, with strong support found at $190, and near $170.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP still failed to move out of the long-term correction pattern during the weekend, following the declining trend line lower after a rally attempt. The coin has found support at $0.165 one more time, with the $0.18 and $0.22 levels still being ahead as primary targets for a bullish move. Short-term traders should still expect choppy conditions until a clear break-ut formt eh current pattern.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic also moved down towards the primary support level near $14 on Sunday. The coin has been closely following the path of Ripple, being the two clear laggards among the majors. The long-term picture is neutral, and a move out from the dominant correction pattern is likely in the coming period, with resistance ahead at $16, and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is trading in a short-term consolidation pattern, still above the crucial $46 support level, as the MACD got back to neutral after the previous strong rally. The uptrend is likely to continue in the coming days, with $52 and $58 levels ahead as resistance. Below $46, further support is found at $42 and near $37.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM spiked below its breakout level against BTC amid the strong Bitcoin rally, but it remains bullish long-term and the pair found support at the key 0.0000575 level today. The coin could rally back above the 0.000065 level quickly, and a re-test of the 0.00009 level is also likely, when BTC enters a correction.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR Chris G

    Posted on 9:52 pm August 14, 2017.

    This has been quite a ride – I loaded up on btc prior to the hard fork, sold all the bch around 500 and then just watched btc surge. Time to roll some of it over into eth I think …

  • View Comments (1) ...
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