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Cryptocurrency Analysis: Litecoin Blows Through $60

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The crypto segment has a calm day so far as the most valuable coins are little changed, with a few exceptions. Litecoin and Monero are the biggest movers so far, being up by 8% and 5% respectively. Monero has been in a strong uptrend for more than a week now, while Litecoin finally broke out to a new all-time high after a fairly long consolidation period. The coin rose above $60 after clearing last week’s failed break-out top, as we expected in our long-term report over the weekend. The currency is still bullish, with the long-term momentum not being overbought yet, and the next target for the move being just above $70.

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LTC/USD, 4-Hour Chart Analysis

Bitcoin continues to trade sideways below its prior high, while Ethereum is edging higher towards $350 after leaving behind the crucial $330 resistance. Dash is retreating from its weekend highs, while Ripple is back below the $0.20 level after a volatile week, with Ethereum Classic also. NEO is also drifting lower since hitting the $40 mark, while NEM is gaining relative strength after a hectic range trading period. The total value of the segment is now at $156 billion, with BTC still holding on to its lofty gains, while the rest of the majors are making their moves one by one. Let’s see how the short-term charts look in detail after the weekend.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still trading in a narrow range below its all-time high, with progressively declining volumes. The low-volatility environment could point to a short-term push higher, but we still expect a deeper correction in the currency after the monster rally since mid-July. Crucial support levels are found at the $4000 price level, near $3800, $3500, and $3150.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH has been positively diverging from BTC over the weekend after a period of strong correlation and the coin is now on a new swing high, just below the $350 level. A move towards $380 is still expected in the coming period, even as the crypto rally is in its latter stages. The coin is still not dangerously overbought but new all-time highs might be out of reach during this leg up. Strong support is still found at $300 and near $285.

 

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is back near the prior swing high after touching $400 during the weekend, as the coin remains inside the rising short-term trend. The currency is clearly overbought after the huge rally, and we expect a move back below $300 in the coming weeks. Strong support is found at $300, and near $266. Investors should wait with opening new positions until the overbought condition is cleared.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple surged higher today after the deep pull-back that followed last week’s break-out. The coin remains bullish both short-and long term after the lengthy consolidation, but several strong resistance levels are still ahead. The recent high near $0.30 is the most important level to watch, while the all-time high is still far away at $0.43. Support is found near the current levels, at $0.20 and at $0.18.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic failed to move above $16 once again, as it remains the weakest major regarding the current rally. Above the $16 level, the coin faces resistance at $18 and near $23, while strong support is still found around the $14 level.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero briefly moved above $150 today but it dipped back below the previous swing high later on, warning of a possible bull trap. Traders should be cautious given the long-term overbought readings, with the short-term trendline currently near $140 providing a good stop-loss level. Short-term support is found near $125 with the further levels at $100, $80, and $68.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM has shown some signs of relative strength lately, but there hasn’t been another powerful move higher in the BTC pair so far. The broad trading range around the 0.000065 level is still intact. Strong support is found near 0.0000575 and 0.000048, while resistance is ahead at 0.000075.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO NEM is testing short-term support at $38 after failing to stay above the line-in-the-sand support/resistance zone around at $40. The coin remains bullish for now, but a sustained move below $38 would be a bearish sign. Primary support is still found near the, while above $40 another resistance zone is found near $47.50.

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Analysis

Crypto Update: Ethereum Tops $550 as Altcoins Hit New Rally Highs

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The major coins are having another bullish day after a consolidation period with all of the top 10 cryptocurrencies sporting meaningful gains. Altcoins are leading the charge higher, as the switch in relative strength that we pointed out several times seems to be a lasting phenomenon, with the ETH/BTC pair confirming a short-term uptrend.

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BTC/USD, 4-Hour Chart Analysis

Bitcoin is also up today, but while the majority of altcoins are trading on new rally highs, BTC is stuck below the prior swing high at $8400, which is also a previously established resistance level. The dominant declining trendline is also in that area, and that strong zone could hold back the largest coin for a longer period. A breakout would confirm a new rising short-term trend, with the next major resistance zone ahead between $9000 and $9200.

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ETH/USD, 4-Hour Chart Analysis

Ethereum is among the strongest coins short-term, and with smaller cap altcoins also joining the rally, the whole segment could be ready for a move higher. That said, the broader declining trend is still intact with the coin trading in a strong resistance zone between $555 and $575. A new short-term uptrend is now confirmed but with the declining trendline just ahead, the coin could be in for volatile swings in the coming days. The next target zone is at $625, while support is found at $500 and $450.

Broad Altcoin Rally Lifts All Ships

XRP/USD, 4-Hour Chart Analysis

Ripple, which was among the weakest majors for a prolonged period is one of the leaders today, climbing above $0.75, and eyeing the next major level at $0.84, with tbe coin already being above the previously dominant declining trendline.

On a slightly negative note, correlations are still high between the majors, but there are standout performers despite the concerted rally. Among the long-term leaders, Litecoin is trading near $150, while Monero added to yesterday’s gains, and it’s testing the $240 resistance as we speak.

The early leaders of the rally are slightly lagging in the current short-term swing, but that is likely a sign of rotation, as the likes of EOS, NEO, and IOTA are also higher today, while holding up wrll above the correction lows.

With all of the majors on buy signals in our trend model, we expect the rally to continue even as strong resistance zones are ahead and the road will likely be bumpy after the steep and lengthy downswing.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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.

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Analysis

Rally Fades in Stocks as Apple Weighs on Nasdaq

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We warned yesterday that stock markets got vulnerable as the major US indices reached short-term overbought readings, and after a choppy Wednesday session, equities turned lower today in early trading. Apple fell by more than 2% in early trading on a supplier report regarding declining orders from the smartphone giant, and the sliding stock dragged the tech segment lower.

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S&P 500 Futures, 4-Hour Chart Analysis

While the short-term technical picture deteriorated, the losses are muted so far, and the rising short-term trendlines are holding up. Volatility ticked higher, with the VIX bouncing off its two-month lows, but the index is well below the levels seen in the beginning of the month, as Syria-related fears continued to ease and the Chinese-US trade spat also took the back seat in the mainstream media.

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DAX, 4-Hour Chart Analysis

Stocks finished broadly lower in Europe, while Asian equities reversed their early gains, with trading volumes still being low across the board. The economic calendar was almost empty today, with only the much worse than expected British retail sales figure adding to the string of negative surprises coming out form the UK this week. In the US, the Philly Fed index came in higher than expected, while weekly jobless claims were in line with expectations.

Dollar Stable as Short Yields Hit New Highs

2-Year Treasury Yields, 4-Hour Chart Analysis

Treasury yields resumed their rise in the quiet environment, and as the short end of the curve continues to outperform the flattening of the yield curve continues in earnest. While forex markets are still mostly flat, the Dollar is drifting higher against most of its peers in US trading.

AUD/USD, 4-Hour Chart Analysis

Commodity-related currencies are little changed, although both the Aussie and the Canadian Dollar are off their recent highs, and should they roll over, the bullish case would receive another hit.  Despite the weakening of the risk rally, crude oil continues to hit multi-year highs, with the WTI contract getting close to the $70 per dollar level today. Gold fell back below $1350, as the choppy consolidation pattern is still intact, and the slight risk-off shift wasn’t enough to trigger meaningful safe-haven flows.

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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.

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Analysis

More Chance to Go Up for Litecoin

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Litecoin short term outlook is quite positive, while in a longer term, it’s somewhat mixed. Shortly, the digital coin may face a very strong resistance at $141, being currently priced at $140. As Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says, Litecoin already tried to test this level earlier this week, but did not succeed.

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In the mid-term Litecoin is trying to break out the current range, and in case it finally manages to break out $141 and stay above, it may go up to $168. Before reaching this target, however, another downtrend may be formed, with Litecoin plunging to the support at $114 again. If the bears succeed in breaking out this level, too, another sell-off target will be at $87.

Current outlook, however, is mostly positive, with the key support being at $114 and the key resistances at $141 and $168. The MACD on D1 is in its negatives, but is going up, issuing a buy signal, while the Stochastic is in the positive area and confirms its buy signal, already issued some time ago.

Fundamentally, Litecoin has got much support this week. The market started buying out the coin once the news on the token being listed at Korbit appeared. As the recent reports say, the crypto started being traded on Korbit yesterday, while withdrawal should be available starting today, Apr 19. This is important for Litecoin: first, Korbit is one of the oldest and most reliable exchanges in Korea; second, as we have already stated a few times, if the crypto becomes widespread across multiple exchanges, its liquidity gets boosted, while the accessibility simplifies the transaction processes.

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Korbit decided to hold a contest, with the top 6 LTC/KRW traders getting prizes in Litecoin (the winner gets LTC 50, the runner-up will walk away with LTC 25). Meanwhile, Litecoin being available on Korbit also helped the crypto to rise on Bitfinex.

Currently, Litecoin is one of the most volatile currencies, mostly because of it always being in the news, which does good to its promotion. As such, it was announced a few days ago that LTC would be used as a payment method, and TenX already started developing a prepaid card for that purpose.

By: Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer
Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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.

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I have two degrees in Social Psychology and Economy. After graduation I worked as the Head of the Laboratory of Technical and Fundamental Analysis of Financial Markets at The International Institute for Applied Systems Analysis. The experience and skills he gained helped me to realize my potential as an analyst-trader and a portfolio manager in an investment company. At the moment I'm a financial expert, writing for various financial media sources and a Chief Analyst at RoboMarkets.




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