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Analysis

Cryptocurrencies Hold Above Panic Lows after Bounce

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Cryptocurrencies Hold Above Panic Lows after Bounce

Introduction

This article was posted on Tuesday, 22:18, UTC.

After yesterday’s emotional bottom, the major coins experienced a strong bounce, followed by a decline today in early trading. While Bitcoin dipped below yesterday’s low, Ethereum and several other majors remained above it signaling a less correlated decline that is a bullish sign. Although the coins remain in short-term downtrends, the oversold readings on the momentum indicators and the long-term charts, which are turning neutral, are both suggesting a tradable bottom.While more volatile sideways action is possible here, short-term long positions could be opened to ride the bounce.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

All dips below the $2350 level were aggressively bought in the last two days, as the currency held up well compared to ETH and the smaller coins. The MACD indicator might be turning bullish, and a rally above $2450 could open up the way to a test of $2600. A decline below $2350 could still lead to a test of $2150 but the short-term downtrend could be broken soon.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum didn’t test yesterday’s lows, as buyers stepped in on higher levels today, and that could be the beginning of a durable bounce in the price of the coin. Short-term long positions could be opened on a dip to below $230 again, as we expect the $200 level to hold in the coming days.  The targets of a bullish move are at $275 and $300, with the short-term MACD being close to a bullish cross.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin successfully tested the $35 level after dipping below the prior all-time high near $38, and the coin looks to be set to rally back above the $40 level int he coming days. The MACD is likely turning higher in concert with the other majors, and last week’s break-out remains intact considering the long-term picture.

Ripple

XRP/USD, 4-Hour Chart Analysis

Technically speaking, Ripple was the least affected by the decline, as the coin only returned to its prior trading ranges in both the USD and the BTC pair after the failed break-out attempt last week, leaving the long-term setup unchanged. Ripple is still in a long-term consolidation, with the MACD indicator barely leaving the neutral territory during the scary crypto-correction.

XRP/BTC, 4-Hour Chart Analysis

Dash

DASH/USD, 4-Hour Chart Analysis

The MACD indicator turned bullish first on the chart of Dash, confirming the relative strength of the currency that we noted in recent days. The coin is back above the $150 level which represents the prior all-time high. Dash looks ready to test the upper boundary of the consolidation pattern at $175, with the break-out highs still ahead at $200 before a new all-time high, with the long-term rising trendline still being well below the current rate.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC re-tested the lower boundary of the long-standing consolidation range near $14.50 yesterday and today as well, while bouncing back int the dominant triangle pattern later on this afternoon. The token remains below the crucial $17.75 level, despite the rally but a move about that resistance would open up teh road towards $20 and the prior high at $23.

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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.

Comments
  • user

    AUTHOR magicnipples

    Posted on 9:11 am June 28, 2017.

    You write that Ripple is in long terme consolidation but in the mean time it is a short term buy pick in your recommendations.
    I m confused

    • user

      AUTHOR Mate Cser

      Posted on 12:18 pm June 28, 2017.

      Hi magicnipples, both are correct. The idea is that we catch the short-term move to 0.0016 and then reduce the position and leave the rest as a long-term position to ride the long-term break-out from the consolidation. Hope this helps.

  • user

    AUTHOR magicnipples

    Posted on 12:36 pm June 28, 2017.

    alright, so i keep my positions on xrp, hope it will do as well as your last crypto tip LTC

    • user

      AUTHOR c.p.casuse9

      Posted on 2:55 pm June 28, 2017.

      Your guidance on LTC and ETH has me at +$7000 after 2 weeks here at hacked – big thanks mate!

  • View Comments (4) ...
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