Cryptocurrency Analysis: Dash Breaks-Out as Bitcoin Price Nears $4500 | Hacked: Hacking Finance
user

Analysis

Cryptocurrency Analysis: Dash Breaks-Out as Bitcoin Price Nears $4500

Posted on .

Cryptocurrency Analysis: Dash Breaks-Out as Bitcoin Price Nears $4500

Introduction

This article was posted on Thursday, 14:12, UTC.

The bull market in cryptocurrencies continues to make headlines, as BTC and Dash registered another great day, both hitting new all-time highs. Bitcoin only breached its prior record price by a small margin, while Dash shot up by 15% as its triangle consolidation finally ended. The coin turned lower from a tad below our long-term range projection target, but it remains in a clear uptrend and more gains are very likely in the coming days.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

DASH/USD, 4-Hour Chart Analysis

Ethereum has is also up once again today, just as most of the majors, with only NEO and NEM being meaningfully lower amid the broad rally. Ripple and ETC continue to be the weakest majors, while Litecoin recovered to its uptrend after a brief dip. As the rotation of capital between the majors continues, traders should be looking for buying opportunities in most the majors.

// -- 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 -- //

Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin got close to the $4500 level, despite being severely overbought, as buyers pushed the price of the coin above its prior high in early trading. The currency now has a market cap of almost $75 billion, as the total value of the segment is nearing $150 billion. We still expect a deep correction in the coin, although it could take time to build a top after the monster rally. Major support levels are found near $3800, $3500, and just below $3000.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH is trading near its prior swing higher after the correction in the beginning of the week, and the coin looks ready for another leg higher in the ongoing uptrend. The MACD indicator just provided a bullish cross, as the token respected the $285 support. Resistance levels are ahead near $330 and above that at $380.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is back on a short-term buy signal after recovering to its uptrend. The coin is trading near the $44 level currently and we still expect a rally to $50, and a test of the all-time highs slightly above $56. Resistance levels are found at $46, and $50, with the strong support at $42 and below that at $38.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple hovering around $0.16 after showing some short-term strength in the last couple of days. The coin is still well inside its declining long-term trend, with the dominant trendline currently being at $0.18. The currency is in neutral territory regarding both short- and long-term momentum, and traders should still wait for a break-out before entering new positions.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is right at the mid-point of its key support zone today, trading at $14. The coin is still in a similar situation to Ripple, but the declining trendline is closer, and a break-out above $15 would already trigger a new buy short-term buy signal. As the long-term momentum is still neutral, investors could still add to their positions.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is virtually unchanged this week as its holding up above the crucial $46 support level, in a short-term consolidation pattern. The coin is still among the most bullish majors, and a rally towards the all-time high near $58 is likely in the coming weeks. Traders should look for a break-out from the current pattern, as a clue for a new leg higher.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is trading in a volatile range against BTC, within the long-term base formation. As we expect Bitcoin to enter a deep correction, the pair should re-test the 0.00009 level, but more sideways action is possible in the coming days. Support levels are found near 0.0000575 and 0.000048, with primary resistance still ahead at 0.000075.

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
Mate Csar
Analyst
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 Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
The price reverses from 1290.00 resistance level. MACD and RSI…