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

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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

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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Analysis

Technical Analysis: Litecoin and Ethereum on the Move as Rotation Continues

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The altcoin bull run continued today despite the US Thanksgiving holiday, as trading remained active in the majors, and another important break-out occurred, this time in Ethereum. Litecoin is also strong today, and the coin is testing the key $75 resistance level, as it follows in the track of ETH again. The currency still looks set to hit the next target at $82.50, with the all-time highs below just below the $100 level also in sight. While the long-term momentum is edging towards overbought territory, the coin remains bullish on both time-frames, with strong support still found at $64 and $56.

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LTC/USD, 4-Hour Chart Analysis

Ethereum scored a new record high after moving past $400 for the first time in five months, and considering the lengthy consolidation before the move, more upside is likely for the second largest coin. With the long-term momentum still not being overbought, the token’s price might test the $500 mark in this leg higher, with Fibonacci targets ahead at $475 and $512. Support levels are found below $400 at 4380 and $350.

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ETH/USD, 4-Hour Chart Analysis

Ripple is also attempting another bullish move, while Monero and Dash are consolidating just below their recent highs, while IOTA is in a short-term correction pattern as well. More and more altcoins are now in the latter phases of their rallies, just like Bitcoin, but traders still have opportunities with favorable risk-rewards ratios. Let’ see the short-term charts.

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Analysis

Break-Out: Another Crazy Rally in Ethereum?

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What crazy rally you might ask? Bitcoin is the star, right? Everything was about BTC (and BCH) in the last few months, and lots of traders forget the gains that ETH posted amid the take-off of the ICO Rocket during the spring.

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Comparing ETH and BTC in 2017

By the numbers, out of the two largest coins, 2017 is still the year of Ethereum as the 3600% rise in the token’s price dwarfs Bitcoin’s impressive 630% gain. Could Ethereum be on the verge of another epic surge? Before answering that question, first let’s see what happened with the coin in recent months.

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How Did We Get Here?

ETH/USD, Daily Chart Analysis

Ethereum finally broke above the magical $400 barrier that has kept a lid on the token’s price for five months after the crazy run-up in May. What first followed after that stellar move, was a 70% decline top-to-bottom, with a flush-out panic low in July.

Our trend model turned long-term positive even before the spike lower, but since then, the coin only managed to get close to the all-time highs, while Bitcoin eclipsed the previous star with its dominant performance. Now the tide might be turning, as ETH is finally gathering bullish momentum and today it breached the $400 mark, flirting with a break-out from the giant triangle consolidation pattern.

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Altcoins

Zcash Dip Offers Chance to Buy

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The ZEC/USD pair went into a downtrend for several days after hitting the 435 level in June. It shed more than half of its value before establishing strong support at 140. The market tried to reclaim resistance at 310 twice, but was sent back on both occasions. As a result, we have a massive reversal structure that might skyrocket the pair into a new all-time high.

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The market closed above 310 a couple of days ago on weak volume which is why it’s struggling to stay above that level. Technical indicators show that momentum is weakening, increasing the likelihood of a dip. A slight correction not only gives the market legs for its next move up, but it also offers you a chance to place orders.

They key indicator to watch for is volume. As long as volume remains sluggish, the market will most likely slide down to 280 first and then 262 next. That’s a good zone to accumulate positions. If volume suddenly spikes, at least 230k at Bitfinex, then we have a legitimate breakout that will take the market to 465.

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 Summary of Strategy

Buy: between 280 and 262 OR confirmed breakout with volume of at least 230k at Bitfinex

Support: 280, 262, and 243

Resistance: 310, 352, 400, and 412

Target: 465

Stop: If the market breaches 243

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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