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Cryptocurrency Analysis: Coins in Standstill Before the Weekend

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Trading volume has been concentrated in Bitcoin and Bitcoin Cash again today, as altcoins in general traded with low volatility and muted volumes. The most valuable coin retreated from yesterday’s highs as it failed to reclaim the $6000 mark durably despite the strong rally. As the currency slipped, its dominance fell slightly to 57%, even altcoins stagnated.

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The coin is in a rising short-term trend, and although correction risks remain high, another push to new highs is possible. The overbought long-term momentum readings still suggest that patience is needed from investors, as more favorable buying points should emerge in the coming weeks. Support levels are found below the current price near the $5400 level, at $5000, and near $4650.

BTC/USD, 4-Hour Chart Analysis

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Ethereum continues to trade in a narrow range near the $300 level today, and that determined the trend in altcoins, with the majors all hovering around unchanged. A slight negative tendency is apparent among the majors, but besides IOTA none of the largest coins covered significant ground. IOTA remained the most volatile major, but it recovered most of its early losses and remains positive regarding the long-term picture. Let’s see how the most traded altcoins look before the weekend.

Ethereum

ETH/USD, 4-Hour Chart Analysis

The technical setup remains unchanged for Ethereum, as the long-term rising trend is intact, but short-term a neutral range is still dominant. With the strong $285 level supporting the price of the token, a move above the $315 level is more likely in the coming period, and we still expect the long-term trend to prevail. Further support is found $250, while resistance is ahead between $330 and $350 and near $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin gave back most of yesterday’s gains, but it remains glued to the $56 support/resistance level, within a bullish consolidation pattern. The next major move is still likely to be a bullish one and the coin is expected to test the $64 in the coming weeks.  Support levels are still found at $53, $51, and $44, while above $64, the next target is the $75 price level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still among the weaker coins concerning the short-term picture, but the long-term uptrend is still intact, despite the recent test of the $265 level. A move below that level would warn of further weakness, but we expect the uptrend to resume, with a move above $300, towards the $330 resistance.

Ripple

XRP/USD, 4-Hour Chart Analysis

The volatility in XRP collapsed today, as the coin continues to trade near the $0.20 level, still in a short-term downtrend. The currency remains bullish from a long-term perspective, but short-term traders should wait for a bullish break-out before entering new positions. Support levels are still found near $0.18 and $0.16, while resistance is ahead around $0.22 and near $0.26.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is drifting lower today, and the coin is still the weakest major regarding the long-term picture, with the short-term trend also being negative. The short-term resistance at $11 is well above the current price, and another test of the $9 level is likely in the coming period. While the long-term setup is neutral, traders should still stay away from new positions, with further strong resistance ahead at $12.50 and around the $13.50 level.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero also lost some ground today, but compared to ETC it is in a much better position both long- and short-term, hanging on well above the primary support level. The currency remains inside the dominant trading range between $80 and $100, with a positive long-term outlook. Key resistance is still ahead at $125, while further support is found at $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO has been showing strength today, and although it remains below the key $30 level, the recent low-volatility consolidation is a bullish sign. Resistance levels are still ahead at $34 and $40, while support is found at $27 and $25.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA remains among the stronger coins regarding the short-term picture, despite today’s dip, as it is holding on to most of its early-week gains. The long-term picture is still encouraging, and after bouncing off key support at $0.35, the token is expected to break-out above the crucial $0.45-$0.48 zone, towards the target levels near $0.56 and $0.64.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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