Long-Term Cryptocurrency Analysis: Bitcoin, Ethereum, Ripple, Litecoin, Dash | Hacked: Hacking Finance
Hacked: Hacking Finance

Analysis

Long-Term Cryptocurrency Analysis: Bitcoin, Ethereum, Ripple, Litecoin, Dash

Posted on .

Long-Term Cryptocurrency Analysis: Bitcoin, Ethereum, Ripple, Litecoin, Dash

Introduction

This article was posted on Saturday, 13:00, UTC.

One week after our previous long-term look at cryptocurrencies, the major coins are still in correction mode, as they are working their way through the overbought readings that built up in the monster rally of this late spring. Bitcoin and Ethereum remain in the epicenter of the correction, although compared to the first half of the week, correlations broke down slightly, pointing to a less “panicky” environment. The Monday lows are still well below the current prices, as the majors are testing strong support zones this weekend.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

After three weeks of correction, and since our first warning, Bitcoin and Ethereum got very close to a being neutral considering the momentum indicators, meaning that we are likely in the bottoming process already, and the market already saw the lows. That said, given the huge prior rally, more sideways consolidation is likely before the next leg of the bull market.

Bitcoin

BTC/USD Daily 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 -- //

BTC more or less followed the possible trajectory that we anticipated last week, as it continues to follow the pattern of its previous complex corrections, like the one highlighted in March. We still expect more consolidation “waves” before a sustained move out of the pattern, with a possible re-test of the $2150 support, although volatility might stay muted compared to the wild moves of the previous two weeks.

Ethereum

ETH/USD Daily Chart Analysis

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

Ethereum completed a 50% correction once again, and the long-term MACD indicator is now approaching neutral territory. The coin tested and respected the long-term trendline this week and bounced off the support zone near $200 after a climactic move on Monday. The currency is right at the convergence zone that we pointed out last week, but more corrective price action is still likely after the huge rally with possible spikes lower to test the major support levels around $250.

Litecoin

LTC/USD Daily Chart Analysis

Litecoin is still in a different technical position than the two most valuable coins, as it is consolidating a recent break-out to new highs. The rising long-term trendline is converging with the prior high at $38 in the coming days, providing a possible take-off point for a next leg higher. That said, the correction of the two majors could still drag the coin lower to test this week’s lows, despite the bullish long-term picture.

Ripple

XRP/USDT Daily Chart Analysis

Ripple is still stuck in a long-term consolidation after its 7-fold rise in two months. The coin is trading in a broad range that has been intact since the end of May. The MACD indicator is glued to the 0 level, and short-term traders are still yet to get a buy signal since the failed break-out more than one week ago. Long-term investors could still add to their positions here, near the base that formed during the correction.

Dash

DASH/USD Daily Chart Analysis

Dash has been acting strong throughout the week, and it’s trading only 15% off its prior high, putting the coin at par with Litecoin in technical strength. The long-term picture is clearly bullish, but the slightly overbought MACD and the ongoing correction in BTC and Ethereum could mean that traders still have to wait for a break-out to new highs, although a dip below the crucial $150 support looks unlikely now.

How to Use These Charts?

As we stressed in our article on Bitcoin: “…not all strategies are binary (either holding an asset or not).There are many long- and short-term investment and trading strategies that can be successful in a roaring bull market like the one that the crypto-coin segment is experiencing, but mixing the time-frames and mixing trading and investing (see our article on the topic) could lead to troubles.”

Here is a reminder of some of the possible strategies once again:

  • Buy and hold, without caring about day-to-day (or even month-month) fluctuations
  • Buy and hold a core position and add on the major dips; a very powerful strategy
  • Buy a certain amount every week or month, and even-out your entry price, without the hassle of timing the market
  • Try to catch major turning points to reduce and “re-boost” your position
  • Trade short-term movements with stop-losses, targets, and strict risk management (this is trading not investing)”

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?

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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
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 Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
We have previously covered how to analyze price charts with…