Analysis Cryptocurrency Analysis: Coins Rebound After Bloody Monday Published 1 year ago on September 5, 2017 By Mate Cser The sell-off that was triggered by technical reasons, and has been accelerated by yesterday’s Chinese ban on ICOs ran out of steam and the major coins recovered some of the steep losses today in early trading. Bitcoin touched $4000 during the decline, completing a 20% correction off its all-time high. The currency is now back near the key $4400 support/resistance line, that could be a line-in-the-sand level for the current move. The short-term momentum might still support the bounce, as it is still slightly oversold, but the long-term picture still points a deeper correction. The $3800 and $3500 support levels are the most likely targets for the move, with strong support found at $3150 as well. BTC/USD, 4-Hour Chart Analysis Yesterday’s biggest loser, NEO is up by the most today gaining more than 15% and recovering above crucial resistance, while most of the largest coins are up by less than 5%, and the whole segment is well below its all-time high. Ethereum that has been hit hard on Monday is back above $300, while Ripple and Ethereum Classic are trading north of $0.20 and $16 respectively. Monero and Dash are also up but remain heavily overbought regarding the long-term picture. We still expect more correction from the majors, so investors are still advised to be patient with new positions, although the less overbought currencies already look attractive here. Let’s look at details of the short-term setups. Ethereum ETH/USD, 4-Hour Chart Analysis ETH testes the $285 level yesterday and rebounded strongly to trade between the $300 and $330 support/resistance levels today. The con is oversold short-term but still slightly overbought concerning the long-term picture. We expect more correction in the coming weeks, and better buying opportunities for investors below the $300 level, with support levels at $285, $270, $250, and $230. Litecoin LTC/USD, 4-Hour Chart Analysis LTC touched $64 but recovered after the sharp correction and it is no trading near the $75 level, still well above the prior all-time high. The currency could still be headed towards the $56 level, as it remains long-term overbought, while the rising trendline is ahead as primary resistance just above $80. Below $64 and $56, further support is at $51. Dash DASH/USD, 4-Hour Chart Analysis Dash cut slightly below $300 yesterday, but it’s now up by 10% amid the broad rally, and the coin is among the relatively stronger ones short-term, despite the heavily overbought long-term position. The currency has strong support near $300 and $265, with the prior all-time highs being found even below those zones near $220. Long-term investors should still be patient, as a decline below $300 is still likely. Ripple XRP/USD, 4-Hour Chart Analysis The break-out of Ripple remained intact despite the steep correction, and the coin managed to climb back above the crucial $0.20 level although the strong support/resistance zone near $0.22 is still ahead, and the declining consolidation pattern also provides resistance around $0.24. We expect limited downside movement from the currency, given the long-term setup, but more volatility and sideways trading are likely. In the coming period, with support near $0.18 and $0.16. Ethereum Classic ETC/USD, 4-Hour Chart Analysis Ethereum Classic has been very volatile during today’s rebound as it reached the $18 level couple of times after getting close to $16 yesterday. The coin is holding on to its break-out just like Ripple, but it is relatively weaker than its peers and that could warn of a pull-back to the prior long-term trading range between $13.50 and $16. That said, the long-term picture is still encouraging and investors could still buy the dips, anticipating a rally to new highs following the correction. Monero XMR/USD, 4-Hour Chart Analysis Monero fell more than 30% off its all-time high, touched the $100 price level yesterday, and rallied up to the key $125 support/resistance line today. The coin is oversold short-term just like its peers, but it remains strenuously overbought long-term. Below $100 strong support is found near $72 and around $58. NEM NEM/BTC, 4-Hour Chart Analysis NEM is still virtually unchanged compared to BTC, as it recovered well together with the largest coin today. The coin remains in a broad range between 0.0000575 and 0.000075, with a promising long-term outlook. The currency is trading right at the 0.000065 support/resistance level, with more support at 0.000048 and strong resistance ahead at 0.00009. NEO NEO/USDT, 4-Hour Chart Analysis NEO has been the most volatile coins following the Chinese ban, and it bounced back to $25 after trading as low as $16.50 during the crash. The coin still looks attractive at these levels, but more volatility is expected with a possible test of yesterday’s lows in the coming days. Resistance is ahead at $30 and near $44. 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 considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 378 rated postsTrader 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. Follow @HackedCom Feedback or Requests? Related Topics:BitcoindashethereumEthereum ClassiclitecoinMoneronemNEOripple Up Next Daily Analysis: North Korea and Cryptocurrencies in Focus as Irma Targets Florida Don't Miss Selections at the Discount Buffet You may like Ether Price Eyes Potential Upside as Foundation Awards $3 Million in Grants Crypto Update: Altcoin Market Cap on the Verge of Trend Reversal Crypto Update: Sideways Drift in Cryptoland Trade Recommendation: Dogecoin “Mass Adoption is the Direction Things Are Taking” – Lionel Wolberger, CTO and Co-Founder of Platin Litecoin Price Analysis: LTC/USD Bullish Daily Close Leaves the Door Open to Another Potential Squeeze Higher 4 Comments 4 Comments Chris G September 5, 2017 at 6:28 pm I was def. a bit surprised to see another author recommending an ETH trade with a $400 profit target – I’m assuming the timelines for your projected corrections differ from the timeline for a proposed price reversal. Case in point per avoiding mixed investment timelines. Log in to Reply Lakshmana September 5, 2017 at 9:53 pm Hello Mate, first let me thank you for your guidance. It is appreciated. Now, I have a question: Your advice here seems to be in conflict with that of Dmitriy. Your recommendation here, in the BTC section, is: “The short-term momentum might still support the bounce, as it is still slightly oversold, but the long-term picture still points a deeper correction. ” At the same time, Dmitriy advises some 20 hours ago: “The market is in strong bullish trend and we should try to catch a new price movement as quickly as possible. Pending orders for buy can be placed at 4310.00 level. … Profit target is at 5000.00 level and the main part of trading volume should be left for long run. ” This was published on TradingView, not here, but still there is a direct link to Hacked.com right underneath the post and clearly you are both active here. How should one navigate these conflicting recommendations? Do you somehow sync your advice, so that your followers don’t get into these conflicts? Thank you. Log in to Reply Chris G September 6, 2017 at 3:54 am looking like short-term, the self-off is reversing … Log in to Reply Eddie91990 September 6, 2017 at 4:44 pm I’m confused between with you and dimitry???? Have you any clarification? Log in to Reply You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Analysis Hawkish Fed Lifts Yields, Dollar as Stock-Correction Continues Published 8 hours ago on October 18, 2018 By Mate Cser US stock markets had a choppy and mixed session, and the major indices closed the day virtually unchanged, despite the early losses and the negative news flow. The US housing market disappointed again, the EU-Italy debate over the country’s budget continued, the US-Chinese relations further deteriorated, and the Fed also provided a negative catalyst towards the end of the day. Dow 30 Index Futures, 4-Hour Chart Analysis Investors were eagerly waiting for the meeting minute form the Fed’s latest meeting, but those expecting a dovish surprise were let down. The transcript contained more hints to tighter-than-expected monetary policies in the coming months and years, but still after an initial dip stocks rebounded to pre-announcement levels. US 2-Year Treasury Yield, 4-Hour Chart Analysis While especially shorter-dated yields rallied after the release, we would add that although there were voices that the Fed should exceed the “neutral” interest rate to cool the economy in the future, those voices will likely be muted by any major correction in financial markets or even a moderate slowdown in the economy. Russell 2000, 4-Hour Chart Analysis Stocks weathered the rise in yields so far, but after-hours, futures markets are drifting lower, and should yields resume their recent swift advance, another wave of selling could hit risk assets. With a lot of stocks and benchmarks still clearly in oversold territory concerning the short-term momentum indicators, the choppy correction could also continue, but we remain defensive towards global stocks, and we expect the risk-off period to continue in the coming weeks. Dollar Extends Early Gains as WTI Crude Dips Below $70 Dollar Index (DXY), 4-Hour Chart Analysis While the Dollar was already up in early trading against most of its major peers, it got a strong boost from the meeting minutes, with the Dollar Index climbing above the key support/resistance level near 95.50, establishing a swing low. Barring a quick reversal, the Greenback headed for another important leg higher, and all eyes will be on the 1.15 level in the EUR/USD pair, as an extended move below that could open up the way for a strong momentum move in the USD. On a positive note, the most vulnerable emerging market currencies continue to perform well, in contrast with equities in the segment, and that could give some stability to risk-on currencies in the face of the broadly negative technicals WTI Crude Oil, 4-Hour Chart Analysis Commodities mostly finished the day with losses amid the rally in the Dollar, but while gold still only gave back a small part of its recent gains, oil plunged to a new almost one-month low, at least as measured by the WTI contract. The Brent contract continues to outperform despite the easing of the US-Saudi tensions, but overall the risk-off shift in global markets is clearly hurting oil. Copper is still stuck in a volatility compression pattern, but given the lengthy consolidation, a significant move is expected in the coming days by the industrial metal. 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 considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 378 rated postsTrader 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. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins Why Would Anyone Have Faith In Tether? Published 14 hours ago on October 17, 2018 By James Waggoner I don’t want to get sued for slander so let me explain the reasoning beyond today’s title. After all of the turmoil surrounding Tether on Monday, how can the price be anywhere near the $1 parity level with the US dollar? After more than a year, how can anyone have confidence in Tether and their common law partners Bitfinex when, for example, Circle, backed be the highly respected Wall Street giant Goldman Sachs offers an alternative? We should also mention that Circle is just one of many so called stable coins. It isn’t hard to find a list. Exchanges are feverishly adding stable coins. Singapore based Houbi is adding Paxos Standard Token (PAX), True USD (TUSD), Circle (USDC) and Gemini (GUSD). When Stable Coins Cause Instability Well, the evidence is mounting as the months move along that so called stable coins can have the power of creating anything but stability. This week’s experience with Tether, Bitfinex and the price explosion of Bitcoin demonstrates that there are still dangers lurking. This is why trust is important. Monday’s gyrations were not the first questionable moment for Tether. The coin, which gains its intended stability by being tied on a one for one basis with the US dollar, has been the subject of questionable behavior all year. As far back as January trade sources were expressing concern the Tether was responsible for last December’s major price bubble in Bitcoin. The frenzy over Bitcoin set off speculation across the entire crypto spectrum. But that was just the beginning. In June Bloomberg reported on a paper by John Griffin, a finance professor at the University of Texas, that among other things claimed 60% of last year’s price move in Bitcoin was the result of manipulation surrounding Bitfinex. That directly implicates Tether. Using algorithms to analyze the blockchain data, Griffin’s team found that purchases with Tether were timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies. These findings prompted the US Commodity Futures Trading Commission to step in with a series of subpoenas. Tether’s coins had become a popular substitute for dollars on cryptocurrency exchanges worldwide, and for good reason. They are anonymous, closely tied to the value of the US dollar and can be used in exchange for Bitcoin, Ether or about 10 other cryptocurrencies. Tether is closely associated with Bitfinex, with whom they share common shareholders and management. Bitfinex has offices in Hong Kong but it is legally headquartered in the British Virgin Islands. In May they announced plans to move to Zug, Switzerland. Bitfinex has a sorted history of poor security, having lost nearly $100 million worth of Bitcoin from customer accounts. Moreover, while claiming to have total one for one US dollar backing for each Tether, real proof is absent. Further Evidence of Manipulation Over the course of this year, as we have gathered digitally to witness the loss of nearly $600 billion in crypto value, everyone has been looking for the culprit. When I first read of some of the academic studies that blamed the advent of futures trading on the CBOE, I laughed. Honestly, I believed the real cause of the rise and fall of crypto were a well connected group of billionaires that together had the power to move markets. Well the folks at Chainalysis have just produced some surprising research results. Their Blockchain Intelligence Platform powers investigation software for some of the world’s top institutions. These guys don’t do surveys, the have their hands on big data that is able to detect some interesting stuff. Chainalysis released a new report last week showing that the so called Bitcoin whales are not responsible for price volatility. The study examined the 32 largest BTC wallets, which reportedly represent 1 million BTC, or around $6.3 billion. That is a pretty solid sample size. The data revealed that the BTC whales are do not act in concert with one another. In fact not only are they a diverse group but about two thirds behave like longer term investors. Instead of being FOMO (Fear Of Missing Out) types, on net they have traded against the heard buying on price weakness. Putting The Pieces Together The crypto world is bombarded with globally generated news on an hourly basis. But what does all of it mean anyway? Hopefully this article adds some perspective on what and who has been responsible for the direction of crypto prices over the past year. As more of these weak players are identified and depleted of their business, real investors will have the confidence to return to the market. Featured image courtesy of 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 considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... James Waggoner 4.4 stars on average, based on 113 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins EOS Price Forecast: EOS/USD Heading for Another 300% Move? Published 16 hours ago on October 17, 2018 By Ken Chigbo EOS/USD price action via the 4-hour chart view has formed a bullish flag pattern. The price is moving around levels seen back end of March to early April, before a bull run of over 300%. The past six sessions for EOS/USD have been erratic to say the least. It has been subject to a high amount of volatility, swinging aggressively in both directions. There has been a lack of commitment from either the bear or bull camps of late. As the market continues to trade with such behavior, it appears to be trying to find its feet, ahead of a potential chunky firm trend. EOS DApp Hacked Again An EOS based gambling DApp, EOSBet has been hacked, with $338,000 being reported as stolen. This isn’t the first time; just back in September, hackers managed to get away with a reported 40,000 worth of EOS, which at the time had a value of $200,000. It has been said that they were able to exploit their smart contracts, having found security vulnerabilities. Technical Review – 4-hour Chart View EOS/USD 4-hour chart EOS/USD price action has formed a bullish flag pattern, which began taking shape on 15th October, after the aggressive price behavior stabilized. The bulls at the time ran the price well up into $6 territory. Consequently, it then met the breached ascending trend line, failing to move back above this area. This followed the sharp breakthrough to the downside, which occurred on 11th October. As a result, a drop of over 15% was seen, forcing EOS/USD to retreat in a demand area, within the $5.0000 level proximity. Looking to the upside, small near-term resistance is seen at around $5.6100, which is the upper trend line of the mentioned bull flag pattern. A breakout will likely open the doors to a retest of the broken ascending trend line, tracking around $6.1100. Support can be eyed at $5.4600, which marks the lower trend line of the flag. Furthermore, should this fail to hold, EOS/USD could likely fall back down to the serving demand area, within the lower $5.0000 territory. April 2018 Bull Run EOS/USD April bull run In April of this year EOS/USD entered a chunky bull run, gaining over 300%. From the back end of March until 11th April, the price had been stuck within consolidation mode. Resulting in the price trading within a tight range, at levels of where the price is currently seen today. Something quite astonishing started to unfold. Between the period of 11th April to the 29th April, a bull run of around 290% was seen. Over this time frame EOS/USD went from $5.9500 up to a high of around $23.0811. The price is currently demonstrating a similar behavior to that of what was seen during the mentioned period. It is interesting to note that the price did have historical levels to break through, as it had already run higher during the period of December 2017 and came back down. Finally, this is not to say EOS/USD will observe the same bull run. However, it is an interesting observation to be aware of. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of 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 considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Ken Chigbo 4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets. Follow @HackedCom Feedback or Requests? 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Recent Posts Hawkish Fed Lifts Yields, Dollar as Stock-Correction Continues October 18, 2018 Market Update: U.S. Stocks Sputter as Fed Minutes Signal Assertive Rate-Hike Path October 17, 2018 ICO Analysis: FidelityHouse October 17, 2018 Qtum Announced as Amazon’s Partner in China; Coin Price Surges 12% October 17, 2018 Why Would Anyone Have Faith In Tether? October 17, 2018 Pantera Capital’s CIO Predicts 10x Growth in Next “Huge” Crypto Bull Run October 17, 2018 Oil Prices Drop amid Large U.S. Stockpile Accumulation, Saudi Backlash October 17, 2018 EOS Price Forecast: EOS/USD Heading for Another 300% Move? October 17, 2018 Pre-Market Analysis And Chartbook: Risk Assets Under Pressure as Fed Minutes Loom October 17, 2018 Ether Price Eyes Potential Upside as Foundation Awards $3 Million in Grants October 17, 2018 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 Cryptocurrencies1 week ago Monero vs. ZCash: Privacy Coins Compared Analysis6 days ago Bitcoin Update: 2018 and 2014 Bear Market Comparison Altcoins5 days ago Electroneum’s Benchmark Month Sends ETN Coin Price Up 333% Altcoins1 week ago Bribery on Binance? DigiByte’s Jared Tate Blasts CZ Over DGB Listing Demands Altcoins5 days ago Digitex Futures (DGTX) Cements Top 100 Position with 194% Two-Week Growth Analysis1 week ago Crypto Update: Trade Setups for Bitcoin Cash and 0x Altcoins1 week ago Ripple Price Analysis: XRP/USD at Risk of September Bull Run Being Completely Deflated Bitcoin1 week ago Could Bitcoin Challenge Ethereum?