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

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Long-Term Cryptocurrency Update: Bitcoin, Ethereum, Ripple, Litecoin, and Dash

Introduction

This article was posted on Saturday, 18:39, UTC.

The crypto-correction continues in earnest this weekend, with Bitcoin leading the way lower this time around, “catching up” with our previous roadmap for the correction. The most valuable coin is testing the developing long-term base formation after spiking below the $2000 level earlier on today.

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BTC/USD Daily Chart Analysis

The other majors are following BTC lower, although Ethereum held above its prior low so far, together with the majority of the smaller coins. The long-term charts are getting oversold after the broad and deep correction, and sentiment is starting to get gloomy enough for a long-term bottom. While the short-term trends are clearly negative and the Judgement Day of Bitcoin is still looming, this is already a much better time to buy for the long run than one month ago when we warned about the overbought condition. Let’s take a step back again this weekend and see how the other majors are holding up on the long-term charts.

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Ethereum

ETH/USD Daily Chart Analysis

Ethereum bounced off its previous low once again today, and it still trades above the key $175 level. The short-term trend is still negative despite the recent bounce, but the long-term MACD is getting oversold after the one-month correction. The ETH token has already declined by 60%, and long-term investors are advised to add to their position here.

Litecoin

LTC/USD Daily Chart Analysis

Litecoin failed to test the $58-$60 range projection target this week, and it is dragged lower this weekend by the broad correction. The bearish divergence on the long-term MACD led to a correction back to the $40 level, but so far, the previous support levels are holding up well, in line with the relative strength that the coin has been showing. We still expect more sideways action before a move higher, as the long-term trendline has been broken.

Ripple

XRP/USDT Daily Chart Analysis

Ripple is still stuck in its long-term consolidation pattern since mid-May, but it’s holding above the forming base pattern, despite the recent sell-off.  The long-term technical picture remains unchanged and we still advise short-term traders to wait with new positions, while long-term investors could still add to their positions here. If the coin holds above the 0.175 level that could be a bullish short-term sign, and a good long-term entry point.

Dash

DASH/USD Daily Chart Analysis

Dash has been weaker this week than we expected, as the broad correction pushed the coin back towards its prior high at $150, although another rally attempt seemed likely. The coin missed our final long-term target for the breakout, but it remains inside the rising trend, as it is testing the lows from late June. With the MACD already in neutral territory, we remain bullish on the coin, especially as the other majors are nearing oversold momentum readings.

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-to-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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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.

Comments
  • user

    AUTHOR ddolberger

    Posted on 5:07 am July 16, 2017.

    “The coin missed our final long-term target for the breakout”
    – Excuse me? I think you’re the one who missed. not the coin.

  • user

    AUTHOR OscarTango

    Posted on 8:58 am July 16, 2017.

    it’s all dropping so fast that newly posted articles are behind in a matter of hours…. and 1st of August is still a long way away.

  • user

    AUTHOR RealCryptoW

    Posted on 12:26 pm July 16, 2017.

    I do read all articles here on hacked.com and so many times disagree with these analyzes. You are analysing crypto based on forex logic. This is diferent world, there are no base lines. Everything is based in momentum and mood overall in markets. Bitcoin is the daddy and BTC moves all the rest of alt coins. I know what I’m talking about, I’ve made big money in crypto. And I agree with Oscar tango, let’s wait till August 1st. Then we will se where the prices are on what support it will be sitting, then it will be a little bit easier to see. I wouldn’t even try to guess alt coin prices everything will depend how hard BTC will fall. And yes it is falling like a stone from the sky at the moment. Possible that we are just in the middle of panic stage. Everyone are trying to cash out their profits. So no analyzes will work at this stage. All I recomend is cash out and wait. When I said to my friends in crypto to cash out when BTC was 2700, everyone was laughing at me. Well I did what I have told them. And did the right thing. Problem is that it is too many newbies and everyone things that crypto can’t have falls. Yes it can. And have seen quite few of them. With experience you will understand crypto better. Because crypto is totaly diferent from trading forex.

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