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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Rally Reaches Euphoric Phase

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Bitcoin shot higher this week surpassing the range projection target of the previous correction at $7000, and hitting a new all-time high at $7500 on Friday, with only Bitcoin Cash following the coin higher thanks to the increase in the correlation with its “big brother”. Although the short-term uptrend is still intact in the most valuable coin, given the severely overbought short- and long-term picture, even traders should stay away from new positions until the next correction, contrary to last week’s setup. Major support levels are found at $6300, $5800, and $5400.

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BTC/USD, Daily Chart Analysis

Altcoins had a generally volatile week, as although the total market cap of the segment hit a new all-time high above $200 billion, capital flows favored BTC strongly, so its spike above $7000 caused a mini-crash in some of the coins.

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That said, the main changes in the long-term setups were positive, as Ethereum Classic moved out of its declining trend, while Ripple also stabilized above the $0.20 level after a brief volatile period. The rest of the market is virtually unchanged since last week, but let’s see how the daily charts look this weekend.

Ethereum

ETH/USD, Daily Chart Analysis

Ethereum spiked to the bottom of the current dominant trading range this week, testing the $285 support yet again, while also touching the crucial long-term trendline. While the coin remains bullish from an investment standpoint, and he daily MACD is neutral, short-term traders should still wait for a break-out from the range. Support is found at $285 and $250, while resistance is ahead at $315 and between $330 and $350.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin remained relatively quiet despite the hectic period, leaving the long-term setup unchanged, as the $56 support/resistance level is still in focus. The currency is among the stronger majors from a technical perspective, but a move out of the current consolidation pattern is required for a bullish confirmation for traders. Support levels are still found at $51 and $44 with targets ahead at $64 and $75.

Ripple

XRP/USDT, Daily Chart Analysis

Ripple returned to volatile trading this week, as it got hammered lower amid the Bitcoin surge, breaching the $18 support in the process, but it recovered strongly to finish the period in the green. The coin remains in a long-term trading range, despite the wild moves of the recent weeks, with a bullish technical outlook from an investment perspective. The short-term picture is neutral, and support levels are still found just below $0.20, $0.18, and $0.16, while resistance is ahead near $0.22 and $0.26.

Dash

DASH/USD, Daily Chart Analysis

Dash remains stuck in declining correction pattern, but it’s well within the advancing long-term trend, despite spiking below the $265 support during the altcoin sell-off. Similarly to its closest peers, the long-term MACD is neutral, and the technical setup is still encouraging, despite the lengthy correction. Targets for a bullish break-out are ahead at $330, $360, and near $400.

Ethereum Classic

ETC/USD, Daily Chart Analysis

Ethereum Classic is among the most active coins this weekend, after a much-awaited short-term trend change. The coin surged past the $11 level on Friday after getting dangerously close to the long-term support at $9 again. The $12.50 level has proven too strong for the currency for now, but the technical picture got much better thanks to the move, triggering a short-term buy signal, and another test of the key resistance is expected soon. Further resistance levels are still ahead around $13.50, $16, and $18.

Monero

XMR/USD, Daily Chart Analysis

Monero has been very stable throughout the week, and both the long- and short-term picture remained unchanged. XMR is still trading inside a range between $80 and $100, showing relative strength compared to the other altcoins.  We still expect a bullish move out of the pattern, with targets above $100 at $125 and near $150, and support below $80 at $68.

IOTA

IOTA/USD, Daily Chart Analysis

IOTA had another very volatile and slightly bearish week, as the coin remains stuck in a declining trend, but above the key $0.35 level. The currency spiked below that support during the week, but the strong rebound kept the bullish long-term picture intact. Major resistance is ahead near $42 and above that in the $0.45-$0.48 zone.

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)”

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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