Cryptocurrency Analysis: Zcash, Bitshares, Stratis, Steem, Factom | Hacked: Hacking Finance
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Cryptocurrency Analysis: Zcash, Bitshares, Stratis, Steem, Factom

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Cryptocurrency Analysis: Zcash, Bitshares, Stratis, Steem, Factom

Introduction

This article was posted on Wednesday, 15:07, UTC.

The correction in Bitcoin on Monday, the IOTA and Bancor ICOs, and the strong rally in Ethereum all caused volatility in small cap coins in recent days, and several of the rising stars registered deep corrections. That said, some of the most bullish coins are already trading at or near new highs, and all in all, the broad bull market is still intact. While both BTC and ETH are still on a correction warning because of the long-term picture, we expect a strong recovery from the up-and-coming coins. We will take a look on five of the most promising currencies today.

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Zcash (ZEC)

ZEC/BTC, 4-Hour Chart Analysis

ZEC rallied strongly on both the USD and the BTC pairs after breaking out above the key resistance near the 0.115 level on the ZEC/BTC after a long consolidation period. The coin hit our targets on the USD pair at $350 and $380 and shot over $400 as well. We expect a short-term correction in Zcash, but it should stay above the 0.14 level on the BTC pair, with the $340-$350 zone providing a good entry point for short-term traders in the USD pair.

ZEC/USD, 4-Hour Chart Analysis

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Bitshares (BTS)

BTS/BTC, 4-Hour Chart Analysis

BTS is in consolidation mode after its epic rally, as it fell as far as the 50% retracement level on the BTC chart. The coin surpassed our prior targets of the break-out by a mile, hitting 0.00175 last week. We expect further consolidation before another move higher with a drop the 0.00009-0.00105 zone in the process.

Stratis (STR)

Stratis/BTC, 4-Hour Chart Analysis

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Stratis is on a buy signal after a correction that re-tested the 0.00215 support. Further correction in Bitcoin could still drag the coin down below 0.00325 BTC, but it remains bullish above 0.00025, with the rising long-term trendline and a strong support/resistance level converging around that level. The MACD is neutral and we expect Stratis to outperform BTC in the coming weeks, with targets at 0.0055 and 0.0065.

Steem (STEEM)

Steem/BTC, 4-Hour Chart Analysis

We expect further consolidation from Steem as well after the 300+% advance in May, with at least another test of the 0.00075 level and the rising short-term trendline. Another key level is found just above 0.00065, which would be an ideal entry point for long-term investors, should the correction reach that level.

Factom (BTS)

Factom/BTC, 4-Hour Chart Analysis

Factom is looking bullish on the BTC chart after a deep correction that carried the coin back to 0.0085 support. A pull-back towards the 0.010 level and the rising short-term trendline would provide a good entry point for a short-term trade. We expect the 0.0075-0.0085 support zone to hold even in the case of a deep correction, giving long-term investors an opportunity to enter the currency. Long-term targets are found at 0.015 and at 0.01725.

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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.

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