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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin and Monero Shine As Post-Crash Consolidation Continues

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It has been a week for the history books yet again in the cryptocurrency segment, as the market went through another violent phase of the ongoing broad correction that finally cleared the momentum and sentiment extremes of the late-2017 rally.

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Now, the majors are mostly in neutral long-term setups, although the late leaders of the rally are in an earlier part of their cycles. Bitcoin, which has been showing the way for the coins all week long, hit our first target of the correction, giving long-term investors the first good chance to add to their positions.

The strong bounce that followed the crash below $10,000 already took BTC back to $13,000, but we expect the correction to continue, with a likely re-test of the crash lows or at least the $10,000 level, while a move to new lows is still possible. Further support levels are found at $8200 and $7700, and investors could still accumulate the coin near the main support zones, but traders should wait for a trend change before entering new positions.

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BTC/USD, Daily Chart Analysis

Ethereum turned bearish just before the crash regarding the long-term momentum indicators, and the coin remains in an overbought position on the daily chart, and further corrective price action is likely in the coming weeks.

With that in mind, investors and traders should both stay away from new positions, and wait for setups with better risk-reward ratios. Primary support is found at $100 with further levels at $850, $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is still relatively weak compared to the other majors and although it bounced above the key $200 level, the long-term setup remains bearish. That said, as the broader correction concludes, investors could add to their holdings on the short-term sell-offs near $170, $125, and $100 as the underlying trend is intact. Traders should still wait for a confirmed trend change before entering new positions.

Ripple

XRP/USDT, Daily Chart Analysis

Ripple is also in a bearish long-term setup, but given the extent of the crash in the coin, a final price low might already be in, even as the correction will likely continue. Investors should still be looking for entry points near the major support levels at $1.25, $1, and $0.85, and possibly near the $0.68 price level.

Dash

DASH/USD, Daily Chart Analysis

Dash is nearing the $1000 level after a period of relative weakness, as the coin already hit our main target for the move in the $600 to $650 zone. That said, new lows are still possible in the coming weeks so traders should wait for a trend change before entering new positions, while investors could still add to their holdings on the short-term sell-offs near the prior lows, or below that around the $500 level.

Ethereum Classic

ETC/USD, Daily Chart Analysis

Ethereum Classic completed a move below the prior all-time high at $23 as we expected, and the coin is showing relative strength ever since the crash. While the long-term setup is still slightly negative the currency is close to a short-term buy signal, but traders should still be cautious as the broad correction in the segment is not over yet. Investors could still add to their positions on the short-term sell-offs with key support found at $30, $25, and $23, and primary resistance ahead at $40.

Monero

XMR/USD, Daily Chart Analysis

Monero is showing strength just like ETC, and the coin is also close to a short-term buy signal even as the long-term picture is still bearish. We expect further consolidation in the currency, but investors could already accumulate XMR near the major support levels at $330, $300, and $240.

IOTA

IOTA/USD, Daily Chart Analysis

The coin fell below the $2 level during the crash but it rebounded strongly above $3 afterwards, showing signs of early relative strength. As the long-term picture is still only neutral, we expect further consolidation before a trend change, but a final price low might already be hit, and investors could still add to their positions near $2.35, $2, and possibly $1.5.

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

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Crypto Update: Sideways Drift Continues as Bitcoin Fights with the $8400 Level

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The largest coins attempted another rally towards the end of the weekend, but today the, not too strong, momentum faded and the majority of the majors is sliding lower today. The coins are in or close to the recent trading ranges, with the whole segment hovering in or near the recent ranges, without major changes in the technical setups.

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The low-momentum environment means that the coins are still on neutral short-term trend signals, and traders should still wait before entering new positions, as the short-term trend remains corrective. That said, most of the majors are holding up above crucial support levels and the underlying bullish trend is intact while the overbought readings that developed during the late-April rally are being cleared. Out of the top coins, only Tron made significant technical progress, and until a clear leadership develops, choppy conditions will likely continue.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin finally showed some relative strength today, reclaiming the $8400 level, and reaching an intraday maximum near $8600. Despite the move, the coin is now back near the key support level, and with $8700 level still ahead as strong resistance, the trend signal remains neutral.  While the coin drifted out from the declining short-term trend, a new trend hasn’t established yet.

Short-term support is found near $8150, while the $7650-$7800 range provides long-term support, with resistance ahead between $9000 and $9200, $10,000, and $10,500.

ETH/USD, 4-Hour Chart Analysis

Ethereum is still hovering around the $700 level, still in a corrective phase following strong April rally, and the coin remains on a neutral trend signal as well. Resistance is still ahead between $735 and $780, with targets above that at $845 and $900, while support is found between $625 and $645 and between $555 and $575.

Total Market Value Stuck Below $400 Billion

IOT/USD, 4-Hour Chart Analysis

As altcoins gave back a large portion of the weekend gains, the total market cap of the coins is at $380 billion again, despite Bitcoin’s stability. On a negative note, the previous leaders of the rally, IOTA and EOS failed to make a move, and the latter is showing weakness today, trading near the correction low. All in all, price action points to further consolidation in the segment, and traders should remain patient until buy signals start ot pop up.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 253 rated postsTrader 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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Analysis

What Is Po.et?

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There are now so many alt-coins out there that it’s almost impossible to keep track of which projects are legitimate and which are garbage.

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This article is the first entry in a series I will write for Hacked which will give summaries and context around a specific crypto project.

The topic of today’s summary is Po.et.

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So what is Po.et?

Essentially, Po.et is a universal ledger built off of the Ethereum Blockchain that intends to track attribution and ownership for the world’s digital creative assets.

In the digital age, all it takes is one click to copy someone else’s picture, video, paragraph, or song, and repost it as your own. The thief then reaps the monetary benefits of someone else’s work while the creator gets nothing.

Even if artists or journalists wanted to license their work properly, the current methods are highly labor-intensive and generally aren’t worth the time and effort spent.

Po.et wants to digitally timestamp content and be utilized as the main source of what content is licensed by who and when they were licensed.

Po.et utilizes this via something they dub, “Proof of Existence”, which they describe as the first non-financial application of the blockchain.

If I were to upload a media file or essay to the Po.et platform, the file is given a unique digital “fingerprint” that can’t be altered given the immutability of the ledger.

While a useful implementation of blockchain technology, the real value that Po.et offers is that there is no barrier to the licensing information itself. All of it is public and viewable by anyone without having to spend any money or tokens.

Po.et also wants to be a platform for content to get discovered.

Creators can create their own decentralized marketplaces that use POE tokens to upload and rate content. In order to add content to a specific marketplace, a creator must stake a certain amount of POE tokens. If the users of the marketplace don’t feel that the content belongs there, they will reject it and confiscate the staked coins.

Each marketplace determines their own voting terms requirements and amount of POE that new content contributors must stake to join. The more quality content in a given marketplace, the more valuable the marketplace will become.

In theory, this incentivizes members to only accept quality, relevant submissions and reject content that does not fit.

The process of staking is supposed to act as a self-selecting mechanism for individual markets. For example, in a marketplace for cat pictures, adding a dog picture would get my staked coins confiscated, disincentivizing me from trying to add it there in the first place.

But what if the first time a piece of content is submitted to Po.et is by someone who has plagiarized it?

Po.et gives users the ability to “challenge” the submission. Using the unique fingerprints assigned to each document, members can vote to accept or reject a challenge. If the challenge is approved by the majority of the members of a given marketplace, the new content is removed from the marketplace.

The Po.et team describes the use of POE tokens as follows:

  1.  To bootstrap the network effects of Po.et by creating a community of engaged invested stakeholders and publishers
  2. To raise funds for the long-term development of the Po.et Foundation
  3. To provide a mechanism to incentivize and reward early adopters and positive contributions to the Po.et network

The founder’s argument is that POE tokens will serve as the economic incentive behind Po.et’s need to promote quality, curated content on their trustless platform.

The team minted a total of 3,141,592,653 POE during their ICO in August 2017. The team sold 50% to the community through a token sale event, raising a total of $10 million USD.

The rest of the token allocations were as follows:

  • 8% Founding Team
  • 10% Angel Investors
  • 10% Integration Partners
  • 22% Foundation
  • 50% Token Sale

The Po.et team currently has 10 core members, who include CEO Jarrod Dicker.

Having Dicker as a CEO is impressive given that he previously served as the president of innovation and commercial strategy at The Washington Post. As such, it stands to reason that he is extremely well versed in the issues plaguing the licensing of media content.

The development of Po.et has been separated into three phases by their team. These are as follows:

1. The Rosetta Era

The Rosetta Era began in June 2017. During this period, Po.et released their ICO and raised $10 million dollars from the token sale. They used these funds as their seed round and were thus able to launch their public test net and integrate their first publishers onto the platform. WordPress users were officially able to timestamp and keep an updated log of all of their written work.

2. The Guttenberg Era

This is the era the project is currently in. According to their roadmap, Po.et will unveil their licensing marketplace in the upcoming months. This marketplace will supposedly integrate 20+ established publishers and allow creators to begin hosting their written content.

As well as facilitating discovery, the marketplaces will also accommodate creative licenses and allow for payments to content creators through what they describe as frictionless payment channels.

3. The Alexandria Era

The final era of development for the platform will be open to all interested users and begin supporting images and videos in the marketplace.

The current value of POE tokens is hovering about $0.03 cents.

Given that the team is led by an absurdly overqualified CEO, and that the team has already reached multiple successful development milestones on time, my analysis is that Po.et is a sleeping giant.

They solve a very specific problem that the leaders of the project have tons of professional experience dealing with in their prior careers.

Po.et could be a great token to hold long-term in anticipation of the platform being fleshed out. As always, I encourage readers to exercise caution and do their own due diligence on a project.

In the future, I will write a guide on how to properly allocate an altcoin portfolio but for now, I would recommend putting in no more than $200-$400 for small accounts (as part of a diversified portfolio), or $500-$1000 for larger accounts.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Crypto Update: Ethereum Back Above $700 as Coins Rise but Buy Signals Still Lacking

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The major cryptocurrencies are all sporting gins today, with Ethereum, EOS, Stellar, and Monero leading the way higher percentage-wise. Despite the rally, the short-term technical setup is unchanged in most cases, with the top coins still on neutral trend signals, and with no buy signals having been triggered just yet.

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From a technical standpoint, Ethereum is still clearly the coin to watch, as the price of the ETH token rose back above $700 today, showing relative strength yet again, getting close to a short-term buy signal.  While a signal is not confirmed yet, a break out from the bullish corrective pattern could be near.

ETH/USD, 4-Hour Chart Analysis

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The coin faces strong resistance between $735 and $780, with targets above that at $845 and $900, while support is found between $625 and $645 and between $555 and $575. We still advise traders to wait before entering new positions here, even as the correction lows are likely in.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still stuck below the key $8400-$8700 zone after it hit another marginal new correction low near $7900. Although BTC is not a buy signal, the downside momentum is fading and the coin could be close to a breakout of the correction pattern, despite its recent relative weakness. Strong support is still found between $7650 and $7800, while resistance is ahead between $9000 and $9200, $10,000, and $10,500.

New Leadership yet to Form

IOT/USD, 4-Hour Chart Analysis

While the leaders of the April rally are trading consistently with an ongoing uptrend, for now, there are no standout performers spearheading the rally among the majors. EOS is still holding up above the $12 while the other prior leader IOTA is also trading above key support at $1.7 but without clear bullish momentum. Should the coin move above the $1.9 resistance, the short-term trend signal would switch to buy, but as of now, the corrective pattern is intact.

As the long-term charts are looking more constructive after the pullback, long-term investors could soon be looking for entry points,  while traders could also get buy singles in the coming days.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 253 rated postsTrader 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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