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Analysis

Long-Term Cryptocurrency Analysis: Coins Flatline after Choppy Week

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The crypto segment is having one of the calmest weekends in recent memory, as most of the major coins are trading in narrow ranges and low volumes. NEO and IOTA are down meaningfully in the quiet environment, with the latter being among the most volatile currencies all week long. Bitcoin Cash registered a violent bounce in recent days, as Bitcoin Gold fizzled, while BTC had volatile swings itself as well.

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The most valuable coin got very close to its all-time high in the middle of the week, but it’s now trading back near the primary short-term support. As the long-term remains stretched, and we expect a deeper correction soon, we urge investors to be patient with opening new positions, but traders could still play the short-term trend. Major support levels are found at $5400, $5000, and $4650.

BTC/USD, Daily Chart Analysis

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The rest of the market is in a slightly bearish spell, but the positive long-term trends are mostly intact with only Ethereum Classic showing worrying weakness from a technical standpoint.  Ethereum is still stuck near $300, while XRP is back near the midpoint of its long-term trading range, and Litecoin is still relatively strong, trading near the $56 level. Monero and Dash are also among the long-term leaders among the major altcoins, but they are still lagging Bitcoin, with the dominance of the largest coin still standing at 57%. Let’s see how the long-term charts evolved since last week.

Ethereum

ETH/USD, Daily Chart Analysis

Ethereum is back in the trading range that dominated its market except of the Byzantium spike, and ht e$300 support/resistance level remains in focus. The MACD is still clearly in neutral territory, and but the rising long-term trend is intact and we expect a move above the current range in the coming weeks, although Bitcoin might cause volatility in the segment. Support below $300 is found at $285 and $250 while resistance is ahead $315 and between $330 and $350.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin drifted lower with declining volatility throughout the week, but the dominant short-term consolidation pattern remained intact and the long-term picture is unchanged as well. Although the $56 level is still in the center of attention, a move below $51 or above $64 would be needed to confirm the next major swing. We expect the pattern to resolve in a bullish way, with the next target being at $75.

Ripple

XRP/USDT, Daily Chart Analysis

Ripple had been the most volatile major before this week, but the coin settled down near $0.20 as the bearish momentum faded away. The currency is still in a short-term downtrend, despite the positive long-term outlook, and the long-standing broad range is intact. Support levels are still near the current rate, and around $0.18 and $0.16, while resistance is ahead near $0.22 and $0.26.

Dash

DASH/USD, Daily Chart Analysis

Dash had a mixed week, as the coin’s early relative strength turned into a slight weakness towards the end of the period. That said, the currency remains in a strong long-term uptrend while trading in a narrowing consolidation pattern since the end of August. We expect another leg higher in the trend soon, with key support at $265, and targets ahead at $330, $360, and near $400.

Ethereum Classic

ETC/USD, Daily Chart Analysis

Ethereum Classic has been experiencing hectic trading lately, as the selling pressure kept the coin in a short-term downtrend. The long-term technical picture is also questionable in the light of the persistent weakness, but for now, the $9 level held up ETC.  Short-term traders should still wait with new positions until a bullish trend change, while investors are advised to hold on to their positions here. Resistance levels are still ahead near $11, $12.50, and around the $13.50 level.

Monero

XMR/USD, Daily Chart Analysis

The volatility in Monero’s market followed the broader tendency and declined considerably after a moiré busy start of the week. XMR is still clearly inside a trading range between $80 and $100, and the coin is well above its early-summer highs, being among the strongest majors regarding the long-term picture. We expect a move above the current range in the coming weeks, with further resistance ahead near $125 and just above the $150 level.

IOTA

IOTA/USD, Daily Chart Analysis

IOTA was the most volatile major this week by a wide margin, and the coin continues to trade actively. Despite the late-week weakness, the coin is well above last week’s low and the key $0.35 level, probably signaling a bullish trend change. For now, the declining trend remains intact, with strong resistance ahead in the $0.45-$0.48 zone, and above that at $0.56 and $0.64.

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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