Price Analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Ethereum Classic | Hacked: Hacking Finance
user

Analysis

Price Analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Ethereum Classic

Posted on .

Price Analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Ethereum Classic

Introduction

This article was posted on Wednesday, 20:52, UTC.

It’s been a strange and slightly bearish day for the crypto-market following the sudden spike lower in altcoins yesterday, as Bitcoin failed to follow through on its strength, but altcoins also acted weak, especially Ethereum. Ripple also pulled back heavily after its strong move while Litecoin remained strong, trading just below its recent highs.  The global risk-off sentiment weighs on the segment today, and there are very important support zones just below the coins, and a break below those could warn of further correction with the long-term picture still being overbought.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin pulled back after the spike above the $2750 yesterday, and it traded in a relatively narrow range, failing to confirm the sudden relative strength of the most valuable coin. The short-term uptrend is still intact, but the currency needs to recover above the crucial $2750 resistance in order to remain bullish, and the long-term picture makes the current move suspicious. A break below $2600 would warn of a test of the $2350 support.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still in a bullish long-term trend despite today’s weakness, while the short-term picture remains neutral. The support zone near $300 is still the main level to watch during the consolidation, as a break below that could set up another test of the $270 level. Short-term traders are still advised to wait with new positions, while long-term could add to their positions on the dips.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin recovered strongly from the spike lower yesterday, and it remains inside the bullish consolidation pattern that developed since the weekend rally. The coin is hovering around $45, while the $0 level acted as support during the spikes lower in recent days. The MACD indicator is still in correction mode, suggesting more sideways action before another move higher, with a possible test of the $38 level while the long-term trend is still clearly positive.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple fell back below the $0.30 level in the Dollar pair and below 0.000115 compared to the BTC as the upside momentum stalled yesterday afternoon. The short-term uptrends are intact in both pairs for now, with the technical setup still being unchanged, but quick move back above the key resistance levels would be required to keep the coin on a short-term buy signal.

XRP/BTC, 4-Hour Chart Analysis

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC continued to drift lower throughout the session today, after holding up well during yesterday’s dip lower. The drop below the $20 support warns of a move to the $18 level, with a possible move to te previous consolidation zone, which would provide another long-term buying opportunity.

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
Mate Csar
Analyst
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 Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
Wednesday Market Recap Asset Current Value Daily Change S&P 500…