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Investment Recommendations April 7th

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Litecoin: Short-Term Buy

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Litecoin, 1-Hour Chart Analysis

Another push to new highs is expected in Litecoin as the cryptocurrecncy seem to have found support near the $9.50-$9.75 zone. The $12.50 level remains in focus as LTC already doubled in April. If the current breakout continues, even the $20 level might be in play, with no major resistance level ahead above $12.50.

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Below $9.50 the 8.30 or the $7.75 level could serve as a broader stop-loss level for longer-term traders. Another strong support level is found near $6, while the original breakout level of $4.35 is the last resort support for the current move.

Bitcoin: Long-Term Buy (Update)

 

Bitcoin, 4-Hour Chart Analysis

Bitcoin reached the confluence of the declining trend-line and the $1200-$1215 resistance zone last night, as we expected. Short-term traders might monitor the rising short-term trend-line that is currently found at $1175 on the 4-hour chart for a tight stop-loss level.

The $1215 level remains the next crucial hurdle for the cryptocurrency, although another corrective phase is possible if the price stays below the declining long-term trend-line. The prior resistance at $1150 and the strong support zone between $1100 and $1115 might be the target of the possible correction.

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Analysis

Technical Analysis: Ripple Breaks Out Amid Ethereum Upgrade

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The major cryptocurrencies are on the rise once again today, with Ethereum’s major Byzantium update being in the center of attention. The second largest blockchain network has been updated through a hard fork, as usual, and the successful lock-in led to an initial surge in the price of the ETH token. The digital currency recovered above the $330 level after Sunday’s pull-back, but so far it failed to durably break-out above the prior swing high just above $340.

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With the long-term momentum readings still being neutral, the coin could be on the verge of testing the $380 resistance soon, with the all-time high near $400 being the last major technical obstacle. Below $330 further support is found at $300 and $285.

ETH/USD, Daily Chart Analysis

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Bitcoin is also on the rise after dipping below $5500 during the weekend, and the most valuable coin is joined in the rally by Ripple, which most likely finished its short-term correction and could be ready for another leg higher. The other majors are also generally higher, with NEO and IOTA being ahead of the pack, while the rest of the market trading near unchanged. As the broad rally seems to be well and alive, let’s see how the short-term charts are shaping up.

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Leads the Charge as Ethereum Breaks-Out

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The most valuable digital currency shrugged off all the bubble talk and regulatory concerns of the recent period and surged to a new all-time high above $5000, as we expected. The coin almost doubled from the China lows, with a short-term top near the $5900 level but now it is short-term overbought and the long-term picture also looks stretched.

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That said, more gains are possible (with the final range-projection target at $7000) as the late-coming bulls pile in, but both investors and traders should reduce their holdings as the price advances as correction risk is rising progressively. Short-term support is near $5450 and the 23.6% Fibonacci extension, with further levels at $5000, $4650, and $4400.

BTC/USD, Daily Chart Analysis

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Most of the other majors are also showing bullish signs, and the strength of Ethereum is especially encouraging, while Ripple is working its way through the correction that we have been expecting after its surge. Litecoin and Monero are on the rise too, while Dash is still in correction mode, but it’s edging towards a likely break-out as well. As the divergent nature of the bullish trend is still apparent, let’s see where the daily charts stand this weekend.

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Analysis

Technical Analysis: Ethereum, Monero, and Litecoin Jump as Bitcoin Goes Parabolic

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The stellar performance of Bitcoin continued today in early trading, as the most valuable coin got close to hitting $100 billion in market capitalization after breaching the $5900 price level. The coin turned volatile after the early surge, as it got extremely overbought short-term and briefly tumbled by as much as 10% before settling down slightly near $5700. The $6000 level is still ahead as a likely target, but the currency is now prone to a short-term correction, and the long-term picture is also looking more and more stretched. Key support levels are now found near $5000, $4650 and $4400.

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BTC/USD, 4-Hour Chart Analysis

Ethereum, Litecoin, and Monero joined the party today, with the second largest coin’s value passing the $30 billion mark again, while Litecoin finally leaving behind the $56 resistance. Monero is still stuck below the key $100 level, but it’s now above the previously dominant correction pattern.

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NEO and IOTA continue to lag the broader market, while Ripple is gathering momentum inside its short-term correction pattern, and Ethereum Classic is showing some strength amid the BTC-led rally. Let’s see the short-term setups before the weekend.

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