Connect with us

Analysis

Cryptocurrency Analysis: Zcash, Bitshares, Stratis, Golem, Digibyte

Published

on

The most promising up and coming coins experienced fairly similar price action in recent weeks, even as the rallies were not perfectly synchronized. Digibyte, Stratis, and Bitshares are all in sideways consolidation patterns after the strong advance in early June, while Zcash and Golem are taking a slightly different route, while still being in long-term uptrends as well. The recent correction in Bitcoin dragged the smaller coins lower too, but some of them are already showing relative strength and could provide great trading opportunities in the coming days.

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

Zcash (ZEC)

ZEC/BTC, 4-Hour Chart Analysis

ZEC has among the strongest coins recently, and although the BTC correction caused a 30% pull-back in the ZEC/USD pair, the coin recovered quickly and now it’s consolidating below the $400 level again. The BTC pair is looking bullish, trading in a narrow range near the crucial 0.15 level. The coin might need a few more days of sideways action before another move higher, but a break-out could set up a move towards the 0.18 and 0.20 targets on the BTC pair and towards the $430 and $515 levels against the USD.

// -- 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 -- //

ZEC/USD, 4-Hour Chart Analysis

Bitshares (BTS)

BTS/BTC, 4-Hour Chart Analysis

BTS is also trading in a lengthy consolidation pattern after the strong rally, and it held up very strongly in the latest correction, with the BTC pair being stuck between 0.000115 and 0.00013. BTS has strong support at 0.0001 and we expect a re-test of the previous highs at 0.000175 in the coming weeks. Short-term traders should wait for a break above the 0.00013 level, as more consolidation is possible with choppy price action.

Stratis (STR)

Stratis/BTC, 4-Hour Chart Analysis

Stratis remained above the 0.0025 level that we have been monitoring during the recent correction and it is now consolidating in a bullish fashion right at the 0.003 level on the BTC chart. The long-term picture is clearly bullish and we expect a break-out from the current pattern to test the 0.0046 in the coming weeks, although the sideways price could still last. Long-term targets are still found at 0.0055 and 0.0065.

Golem (GNT)

GNT/BTC, 4-Hour Chart Analysis

Golem has been creeping higher last week against BTC and it now reached the previous high at 0.00026. The coin is on a short-term buy signal above the 0.00022 level, with targets at 0.00030 and at 0.00032. The long-term picture also remains although the MACD is already slightly overbought so long-term investors should wait for a correction before adding to their positions.

Digibyte (DGB)

DGB/BTC, 4-Hour Chart Analysis

Digibyte entered a deep correction after the more than 1000% rally in late May, but now it found support at 0.000010 against Bitcoin, providing a good entry point for long-term investors. The coin is still stuck in a short-term range, without giving a clear short-term buy signal, but we expect a move in the coming days, as the pair got close to the long-term trendline. The resistance zone near 0.000016 would be the initial target for the move, as more consolidation is expected around that zone before a test of the 0.000026 high.

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?

3 Comments

3 Comments

  1. Maddycurrupt

    June 19, 2017 at 4:42 pm

    Thanks for this analysis 🙂

  2. Ershad

    June 20, 2017 at 10:49 am

    Hi Mate,

    Anything on Steem? Im Currently holding almost 80% of my portfolio in Steem.

    Kind regards,
    Ershad

    • Mate Cser

      June 20, 2017 at 3:39 pm

      Hi Ershad,

      Steem is in a bullish consolidation pattern, I would hold on to it, although the 80% might be a bit too much weight for one coin. We will update on the probably tomorrow!

You must be logged in to post a comment Login

Leave a Reply

Analysis

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

Published

on

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.

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

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

// -- 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 -- //

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

(more…)

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?

Continue Reading

Analysis

Daily Analysis: Dollar Falls, Gold Jumps after Yellen’s Final Move

Published

on

Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2668 -0.02%
DAX 13125 -0.45%
WTI Crude Oil 56.65 -0.68%
GOLD 1258.00 1.35%
Bitcoin 16,100 -6.32%
EUR/USD 1.1842 0.73%

The Federal Reserve hiked interest rates as expected today, and although the central bank’s monetary statement was slightly more hawkish than expected, the market’s reaction didn’t reflect the much-anticipated move. The worse than expected Core CPI reading that underlined the low-inflation narrative weighed on the recently strong Greenback, while stocks were unchanged after decision and bonds gained ground as yields retreated.

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

EUR/USD, 4-Hour Chart Analysis

The major indices are hovering near their all-time highs with the DOW leading the way higher, hitting a new record for the second day in a row. While volatility Is expected to remain low as we approach the end of the year, market internals and valuation levels are still concerning from a long-term perspective, and stocks outside the US are also negatively diverging. The action in crude oil could be slightly more interesting as the commodity is starting to act in a slightly bearish manner after a grinding multi-month rally.

// -- 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 -- //

WTI Crude Oil, 4-Hour Chart Analysis

The Brexit process is still in the center of attention in Europe, although volatility took a nosedive on the old continent as well, and it’s unlikely that the Christmas period will be much different, given the predictable drop in volumes and trading activity. The date of the next election in the financially and politically troubled Italy has been set to March 4th next year, and the early date caused some turmoil in the countries assets, which dragged the Euro Stoxx 50 lower today, together with the DAX and the other major indices.

Cryptocurrencies

As the total market cap of the crypto-market crossed the incredible $500 billion mark, Ripple, NEO, and Ethereum made headlines with lofty gains in the face of the severely overbought readings elsewhere in the segment. While XRP and NEO are still not overbought from an investment perspective, Ethereum reached our final target for its break-out and triggered a long-term sell signal.

ETH/USD, 4-Hour Chart Analysis

The previously surging IOTA continued its correction, Litecoin consolidated in a relatively narrow range, while Dash, ETC, and Monero scored marginal new highs before turning lower together with BTC. The most valuable coin that has lost some of its momentum “mojo” in recent days fell back below last week’s highs, and that could mark a failed break-out and a start of the deeper correction that seems more and more likely.

BTC/USD, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
11:30 UK Average Earnings 2.5% 2.5% 2.3%
11:30 UK Claimant Count Change 5,900 3,300 6,500
11:30 UK Unemployment Rate 4.3% 4.2% 4.35
15:30 US Core CPI 0.1% 0.2% 0.2%
15:30 US Crude Oil Inventories -5.1 mill -3.6 mill -5.6 mill
21:00 US Fed Rate Decision 1.5% 1.5% 1.25%
21:00 US FOMC Statement

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?

Continue Reading

Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

Published

on

Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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

While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

// -- 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 has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

(more…)

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?

Continue Reading

Trending