Connect with us

Analysis

Cryptocurrency Analysis: Bitcoin Turns Lower as Mixed Trading Continues

Published

on

The major coins are having a choppy session so far, without clear bullish or bearish momentum. Bitcoin is flirting with the $4150 resistance, while Ethereum is hovering around $300, as Korean selling capped the overnight gains, with traders remaining cautious following the highly volatile period of the past few weeks. The most valuable coin got close to the $70 billion market cap level once again as the total value of the segment reached $145 billion, still being 20% below the all-time high. BTC is holding up above the $4000 support, inside the developing rising trend, and a clear move above $4150 could set up a rally towards $4400 in the coming days.

// -- Discuss and ask questions in our community on Workplace.

BTC/USD, 4-Hour Chart Analysis

Capital rotation continued among altcoins, as yesterday’s stars, Ripple and NEO turned lower after getting short-term overbought. Ethereum Classic is holding on to most of its recent gains as a bullish sign for the battered currency, while the rest of the majors are virtually unchanged with a slightly bearish bias. As volatility and trading volumes are muted thanks to the consolidation, the short-term charts are more stable than in the recent period, while the long-term picture continues to heal. Let’s see the details.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum reached up to $310 overnight, but the token’s price fell back to $300 today, as the short-term rally lost some of its momentum. The currency has been trading around the $300 mark after clearing the key $285 resistance, and although the short-term trend is intact, a consolidation period is likely before a move towards $330. Further resistance is ahead at $380, while support is found near $250 and $235.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin failed to durably rise above the $56 resistance that has capped the rebound from the crash so far. The coin remains among the weaker majors, after making its move late in the previous cycle, and more choppy price action is likely before a sustained rally. Above $56, further resistance is still found near $64, while support is around the $44 level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash continues to trade with very low volatility, as the coin is stuck in a short-term consolidation pattern. The post-crash rally took the currency very close to the all-time high compared to the other majors, and while it has been relatively weak in recent days, the long-term picture remains very positive. Resistance is found at $360 and near the $400 level, while support levels are around $300 and $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP entered a deep pull-back today after yesterday’s surge, and the coin is now back below $0.20 after bouncing off the resistance zone around the $0.22 level. The currency is still well within the rising short-term trend, with support levels are now found at $0.18, $0.16, and $0.14, and further resistance ahead around the $0.26 and $0.30 levels.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic touched the $13.50 level as it continued yesterday’s rally overnight but the coin retraced some of its recent gains today, following the broader market lower. The bullish long-term change is still valid, as the currency remains above the declining trendline, but the overhead resistance ahead could hold back the rally for a while, with further supply at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero remains inside the declining trend as it continues to correct its lofty gains, still being among the weaker coins regarding the short-term picture. The coin breached the $100 level overnight but the declining trendline stopped the advance, and we still expect sideways price movement before a sustained move higher. Strong support is still found at $80 and $68, with further resistance at $125 and near $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO turned sharply lower after three days of stellar gains, as we warned that yesterday it got overbought following the surge past the $30 resistance. The coin is likely headed to test the $25 support, and with the long-term picture still being encouraging traders and investors should be looking for buying opportunities during the short-term correction.  Further support is found at $22, while resistance is ahead at $34 and $40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is on the move today, defying the broader trends in the market, and confirming the breakdown in correlations. The coin is trading right at the $0.60 level and we still expect a rally above the $0.64 resistance, as the long-term picture remains encouraging. Support is found in the $0.45-$0.48 zone, while resistance above $0.64 is ahead near $0.75.

Featured image from Shutterstock

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

Published

on

The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

// -- Discuss and ask questions in our community on Workplace.

Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

Published

on

Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

// -- Discuss and ask questions in our community on Workplace.

BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
10 votes, average: 4.90 out of 510 votes, average: 4.90 out of 510 votes, average: 4.90 out of 510 votes, average: 4.90 out of 510 votes, average: 4.90 out of 5 (10 votes, average: 4.90 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

Published

on

The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

// -- Discuss and ask questions in our community on Workplace.

While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
11 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 5 (11 votes, average: 4.73 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending