Analysis Long-Term Cryptocurrency Analysis: Ethereum Spikes to $470 with New Highs Across the Board Published 11 months ago on November 25, 2017 By Mate Cser Everyone who called Bitcoin and cryptocurrencies a bubble has been proven wrong, or are at least suffering losses, so far, as the segment didn’t look back this and added $45 billion in capitalization. The rally was mostly fueled by altcoins this time around, with several of the majors hitting sizable new record highs. That said, week Bitcoin also held up well near its recent high, and it is still trending higher this weekend, defying the stretched long-term picture. Ethereum’s break-out to new highs was the most important move of the week, with the second largest coin leaving behind a multi-month consolidation formation, and gained more than 30% during the period. The token still has room to rally according to the long-term momentum indicators, and a test of the $500 level seems very likely in the current leg higher, with further major long-term targets near $575 and $685. ETH/USD, Daily Chart Analysis Dash has been the other star of the week, and the coin took over Litecoin in the list of the most valuable coins while completing its range extension move. The currency hit our final target at $615, and now we advise long-term investors to only hold their core positions, as Dash joined Bitcoin and IOTA in being severely overbought. That said, further upside is possible in the coin’s market, but correction risk is now high, and the risk/reward ratio is not favorable anymore. Support levels are found near $540, $500, $470, and $411. DASH/USD, Daily Chart Analysis The rest of the altcoins are also mostly in the latter stages of the cycle and investors and traders should start to turn more defensive, as the risks of a correlated correction are rising. Monero and Ethereum Classic are among the more overbought majors, while Ripple, and Litecoin Bitcoin BTC/USD, Daily Chart Analysis BTC is still in a short-term uptrend while the long-term technical picture remains, unchanged with stretched momentum readings, and high correction risk. While the rally could still continue, investors should remain patient and wait for more favorable conditions to add to their holdings. Key support levels are now found at $7700, $7000, and $6700. Litecoin LTC/USD, Daily Chart Analysis Litecoin hit yet another target level as it continued to rally this week, and it’s now trading near the $85vlvel after leaving behind the $82.50 resistance. The coin is now on a neutral long-term signal, and as although we expect more gains from the Digital Silver, the current setup is not optimal for opening new investment positions. Major support levels are found at $75 and while the all-time highs just below $100 are ahead as resistance. Ripple XRP/USDT, Daily Chart Analysis Ripple has been edging higher in the bullish environment, but it still failed to show strong momentum, with the key $0.26 level still ahead as a major obstacle. The long-term momentum is still close to neutral, and the prospects of the coin are encouraging, but the recent relative weakness is slightly worrying. Support is still around $0.2250, just below $0.20, and at $0.18, while further resistance above $0.26 is found at $0.30. Ethereum Classic ETC/USD, Daily Chart Analysis Ethereum Classic is breaking out of a choppy consolidation zone that formed near $18, and it got very close to the all-time high at $23 today. While the long-term picture is now stretched, a rally to at least marginal new highs is likely, but investors should use the strength to exit some of their positions after the strong rally, and wait for the next correction to add to their positions. Monero XMR/USD, Daily Chart Analysis Monero is trading at fresh all-time highs after a successful move above $150, and although the long-term MACD is getting overbought, there is still room for further gains. Major targets are ahead at $180 and near $200, with support levels at $160, $150, and $125. IOTA IOTA/USD, Daily Chart Analysis IOTA entered a volatile correction after reaching overbought readings, and spiked below the $0.70 level of the top just below $1. While the coin is still stretched regarding the daily momentum, a rally to test the record high at $1.1 is possible, but investors should wait for at least neutral readings to add to their holdings after the stellar rally. Key support levels are found at $0.75, $0.64, and near $0.56. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 377 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. Follow @HackedCom Feedback or Requests? Related Topics:dashEthereum ClassicIOTAlitecoinMoneroripple Up Next Trade Recommendation: Bitcoin Cash Don't Miss Trade Recommendation: Neo You may like Crypto Update: Altcoin Market Cap on the Verge of Trend Reversal Crypto Update: Sideways Drift in Cryptoland Trade Recommendation: Ripple Crypto Update: Coins Settle Down After Crazy Monday “The Core of Any Blockchain Project is Decentralization” – Jack Zhang, Lightning Bitcoin Crypto Update: Tether Chaos Triggers Spike, Bulls Beware of Reversals Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Altcoins Why Would Anyone Have Faith In Tether? Published 9 mins ago on October 17, 2018 By James Waggoner I don’t want to get sued for slander so let me explain the reasoning beyond today’s title. After all of the turmoil surrounding Tether on Monday, how can the price be anywhere near the $1 parity level with the US dollar? After more than a year, how can anyone have confidence in Tether and their common law partners Bitfinex when, for example, Circle, backed be the highly respected Wall Street giant Goldman Sachs offers an alternative? We should also mention that Circle is just one of many so called stable coins. It isn’t hard to find a list. Exchanges are feverishly adding stable coins. Singapore based Houbi is adding Paxos Standard Token (PAX), True USD (TUSD), Circle (USDC) and Gemini (GUSD). When Stable Coins Cause Instability Well, the evidence is mounting as the months move along that so called stable coins can have the power of creating anything but stability. This week’s experience with Tether, Bitfinex and the price explosion of Bitcoin demonstrates that there are still dangers lurking. This is why trust is important. Monday’s gyrations were not the first questionable moment for Tether. The coin, which gains its intended stability by being tied on a one for one basis with the US dollar, has been the subject of questionable behavior all year. As far back as January trade sources were expressing concern the Tether was responsible for last December’s major price bubble in Bitcoin. The frenzy over Bitcoin set off speculation across the entire crypto spectrum. But that was just the beginning. In June Bloomberg reported on a paper by John Griffin, a finance professor at the University of Texas, that among other things claimed 60% of last year’s price move in Bitcoin was the result of manipulation surrounding Bitfinex. That directly implicates Tether. Using algorithms to analyze the blockchain data, Griffin’s team found that purchases with Tether were timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies. These findings prompted the US Commodity Futures Trading Commission to step in with a series of subpoenas. Tether’s coins had become a popular substitute for dollars on cryptocurrency exchanges worldwide, and for good reason. They are anonymous, closely tied to the value of the US dollar and can be used in exchange for Bitcoin, Ether or about 10 other cryptocurrencies. Tether is closely associated with Bitfinex, with whom they share common shareholders and management. Bitfinex has offices in Hong Kong but it is legally headquartered in the British Virgin Islands. In May they announced plans to move to Zug, Switzerland. Bitfinex has a sorted history of poor security, having lost nearly $100 million worth of Bitcoin from customer accounts. Moreover, while claiming to have total one for one US dollar backing for each Tether, real proof is absent. Further Evidence of Manipulation Over the course of this year, as we have gathered digitally to witness the loss of nearly $600 billion in crypto value, everyone has been looking for the culprit. When I first read of some of the academic studies that blamed the advent of futures trading on the CBOE, I laughed. Honestly, I believed the real cause of the rise and fall of crypto were a well connected group of billionaires that together had the power to move markets. Well the folks at Chainalysis have just produced some surprising research results. Their Blockchain Intelligence Platform powers investigation software for some of the world’s top institutions. These guys don’t do surveys, the have their hands on big data that is able to detect some interesting stuff. Chainalysis released a new report last week showing that the so called Bitcoin whales are not responsible for price volatility. The study examined the 32 largest BTC wallets, which reportedly represent 1 million BTC, or around $6.3 billion. That is a pretty solid sample size. The data revealed that the BTC whales are do not act in concert with one another. In fact not only are they a diverse group but about two thirds behave like longer term investors. Instead of being FOMO (Fear Of Missing Out) types, on net they have traded against the heard buying on price weakness. Putting The Pieces Together The crypto world is bombarded with globally generated news on an hourly basis. But what does all of it mean anyway? Hopefully this article adds some perspective on what and who has been responsible for the direction of crypto prices over the past year. As more of these weak players are identified and depleted of their business, real investors will have the confidence to return to the market. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... James Waggoner 4.4 stars on average, based on 113 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins EOS Price Forecast: EOS/USD Heading for Another 300% Move? Published 3 hours ago on October 17, 2018 By Ken Chigbo EOS/USD price action via the 4-hour chart view has formed a bullish flag pattern. The price is moving around levels seen back end of March to early April, before a bull run of over 300%. The past six sessions for EOS/USD have been erratic to say the least. It has been subject to a high amount of volatility, swinging aggressively in both directions. There has been a lack of commitment from either the bear or bull camps of late. As the market continues to trade with such behavior, it appears to be trying to find its feet, ahead of a potential chunky firm trend. EOS DApp Hacked Again An EOS based gambling DApp, EOSBet has been hacked, with $338,000 being reported as stolen. This isn’t the first time; just back in September, hackers managed to get away with a reported 40,000 worth of EOS, which at the time had a value of $200,000. It has been said that they were able to exploit their smart contracts, having found security vulnerabilities. Technical Review – 4-hour Chart View EOS/USD 4-hour chart EOS/USD price action has formed a bullish flag pattern, which began taking shape on 15th October, after the aggressive price behavior stabilized. The bulls at the time ran the price well up into $6 territory. Consequently, it then met the breached ascending trend line, failing to move back above this area. This followed the sharp breakthrough to the downside, which occurred on 11th October. As a result, a drop of over 15% was seen, forcing EOS/USD to retreat in a demand area, within the $5.0000 level proximity. Looking to the upside, small near-term resistance is seen at around $5.6100, which is the upper trend line of the mentioned bull flag pattern. A breakout will likely open the doors to a retest of the broken ascending trend line, tracking around $6.1100. Support can be eyed at $5.4600, which marks the lower trend line of the flag. Furthermore, should this fail to hold, EOS/USD could likely fall back down to the serving demand area, within the lower $5.0000 territory. April 2018 Bull Run EOS/USD April bull run In April of this year EOS/USD entered a chunky bull run, gaining over 300%. From the back end of March until 11th April, the price had been stuck within consolidation mode. Resulting in the price trading within a tight range, at levels of where the price is currently seen today. Something quite astonishing started to unfold. Between the period of 11th April to the 29th April, a bull run of around 290% was seen. Over this time frame EOS/USD went from $5.9500 up to a high of around $23.0811. The price is currently demonstrating a similar behavior to that of what was seen during the mentioned period. It is interesting to note that the price did have historical levels to break through, as it had already run higher during the period of December 2017 and came back down. Finally, this is not to say EOS/USD will observe the same bull run. However, it is an interesting observation to be aware of. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Ken Chigbo 4.5 stars on average, based on 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets. Follow @HackedCom Feedback or Requests? Continue Reading Analysis Pre-Market Analysis And Chartbook: Risk Assets Under Pressure as Fed Minutes Loom Published 3 hours ago on October 17, 2018 By Mate Cser Wednesday Market Snapshot Asset Current Value Daily Change S&P 500 2,789 -0.98% DAX 30 11,715 -0.52% WTI Crude Oil 69.79 -3.27% GOLD 1,229 0.13% Bitcoin 6,429 -0.49% EUR/USD 1.1528 -0.38% While yesterday we saw a huge oversold rally in equities, with the help of positive corporate earnings, the easing of the US-Saudi standoff and the stability in Treasury yields, today investor sentiment shifted yet again. Negative news regarding the US-Chinese trade war, which is very likely to intensify before the US midterms, dismal European car sales, and continued worries with regards to the Italian budget and the Brexit process all acted as bearish catalysts. DAX 30 Index CFD, 4-Hour Chart Analysis Although European markets followed the lead of Wall Street and rallied today in early trading, the major indices are already well below their intraday highs, after turning back from the first levels of resistance. The DAX ran into resistance near the 11,850 level, below the crucial 12,000 level that could be the line-in-the-sand in deciding the long-term outlook going forward. The German benchmark, the FTSE 100, and the EuroStoxx 50 are all in strong declining trends, and with the most important Asian markets also under strong short-term selling pressure, the US markets have a steeper and steeper mountain to climb should they resume the bull market. Nasdaq 100 Futures, 4-Hour Chart Analysis The Nasdaq opened slightly below yesterday’s cash close, underperforming the Dow and the S&P 500, and since then sellers have been in control of the market. The Russell 2000 that has been showing the way for the broader market lately is deep in the red as well, and we still think that risk assets are facing a prolonged correction if not an outright bear market. Treasury yields are stable before today’s most important release, the minutes from the Fed’s latest meeting, but the dynamics of the quantitative tightening (the shrinking balance sheets of the global central banks) are likely behind the faltering of global risk assets. VIX Pulls Back as Dollar Attempts Rally VIX (US Volatility Index), 4-Hour Chart Analysis The US Volatility Index fell significantly amid the bounce in stocks, hitting the key 17 level yesterday after plunging below 20, but the chart of the measure still confirms the regime change that would be consistent with a prolonged bearish period. While the bounce could still continue, forming a more complex pattern, the volatility-conditions could very important to judge the stability of the market. EUR/USD, 4-Hour Chart Analysis Forex markets continue to experience heavy trading, and today the US Dollar is trying to gain back momentum after its recent correction. Although the worse than expected housing data (building permits and housing starts both missed expectations) could have been bearish catalysts today, the Greenback held on to most of its early gains. Should the reserve currency form a swing low and continue its broader rising trend, emerging markets could be back in the crosshairs, and risk assets would face another problem. All eyes are on the support zone near 1.15 in the EUR/USD pair, as a move below that would be a bullish sign for the USD, and it would warn of a test of the August low near 1.13. ChartBook Major Stock Indices S&P 500 Futures, 4-Hour Chart Analysis Dow 30 Futures, 4-Hour Chart Analysis FTSE 100 Index CFD, 4-Hour Chart Analysis EuroStoxx50 Index CFD, 4-Hour Chart Analysis Nikkei 225 Futures, 4-Hour Chart Analysis Shanghai Composite Index CFD, 4-Hour Chart Analysis EEM (Emerging Markets ETF), 4-Hour Chart Analysis Forex USD/JPY, 4-Hour Chart Analysis GBP/USD, 4-Hour Chart Analysis EUR/GBP, 4-Hour Chart Analysis AUD/USD, 4-Hour Chart Analysis Commodities WTI Crude Oil, 4-Hour Chart Analysis Gold Futures, 4-Hour Chart Analysis Copper Futures, 4-Hour Chart Analysis Featured image from 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.6 stars on average, based on 377 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. Follow @HackedCom Feedback or Requests? 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