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Analysis

Price Analysis of Stratis, Bitshares, Steem, Golem, and Factom

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Some of the up-and-coming altcoins are finally showing strength today, although the lengthy, and possibly frustrating consolidation period is still “on”, according to the charts, with the small cap coins only regaining what they lost in recent days. That said, today’s price action is encouraging, despite the low trading volumes and the lack of clear break-outs, which suggest that more patience will be needed from short-term traders.

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Stratis (STRAT)

STRAT/BTC, 4-Hour Chart Analysis

Today’s move in the coin brought it back to the resistance line of the dominant consolidation level, and short-term traders are still advised to wait for a break-out before taking on new positions, while long-term investors could still add to their existing positions, with the long-term indicators approaching neutral stance.

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Bitshares (BTS)

BTS/BTC, 4-Hour Chart Analysis

Bitshares is in a slightly different setup than Stratis, as its own correction started later, leaving more room for consolidation despite today’s surge. The coin bounced off the 0.00010 level as we expected but BTS could still drift sideways before a sustained move higher possibly giving more good long-term entry points for investors, as it faces strong resistance near the current level at 0.00012.

Steem (STEEM)

Steem/BTC, 4-Hour Chart Analysis

Steem could be in for more sideways action as well according to the long-term picture, as it started its current correction just over two weeks ago. The token didn’t slip below 0.00075 during the consolidation, and that level might mark the bottom, although a spike to the 0.00066 level (stop hunting if you will) wouldn’t be a surprise before a sustained move higher. Long-term investors could still add to their position here, with the rising long-term trendline now found at 0.00072.

Golem (GNT)

GNT/BTC, 4-Hour Chart Analysis

Golem is right at a strong support-convergence zone with the 0.00022 level and the long-term trendline all being just below the current price. With further support near 0.00020, the current rate could provide a good base for a rally, and a short-term buy signal would be confirmed by a move above 0.00024. The MACD is close to turning bullish after the short-term correction as well.

Factom (FCT)

FCT/BTC, 4-Hour Chart Analysis

Factom needs to move above the 0.01325 level to continue its ongoing uptrend or the short-term picture could switch to neutral with a break below 0.011. The next days will be crucial for the coin after failing to hit our 0.015 target during the recent break-out, as the move below primary support would warn of further consolidation and a possible test of the 0.0085 level.

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2 Comments

2 Comments

  1. Ershad

    June 23, 2017 at 7:04 pm

    Hi Mate,

    I wanted to ask when is an energy point due for Steem, how soon do you think we are expecting the consolidation to reach the long term trend line and spike?

    Kind regards,
    Ershad

    • Mate Cser

      June 26, 2017 at 2:45 am

      Hi Ershad, I believe Steem is very close to a move, a few days should be enough according to the Steem/BTC chart.

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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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Analysis

Daily Analysis: Dollar Falls, Gold Jumps after Yellen’s Final Move

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Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2668 -0.02%
DAX 13125 -0.45%
WTI Crude Oil 56.65 -0.68%
GOLD 1258.00 1.35%
Bitcoin 16,100 -6.32%
EUR/USD 1.1842 0.73%

The Federal Reserve hiked interest rates as expected today, and although the central bank’s monetary statement was slightly more hawkish than expected, the market’s reaction didn’t reflect the much-anticipated move. The worse than expected Core CPI reading that underlined the low-inflation narrative weighed on the recently strong Greenback, while stocks were unchanged after decision and bonds gained ground as yields retreated.

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EUR/USD, 4-Hour Chart Analysis

The major indices are hovering near their all-time highs with the DOW leading the way higher, hitting a new record for the second day in a row. While volatility Is expected to remain low as we approach the end of the year, market internals and valuation levels are still concerning from a long-term perspective, and stocks outside the US are also negatively diverging. The action in crude oil could be slightly more interesting as the commodity is starting to act in a slightly bearish manner after a grinding multi-month rally.

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WTI Crude Oil, 4-Hour Chart Analysis

The Brexit process is still in the center of attention in Europe, although volatility took a nosedive on the old continent as well, and it’s unlikely that the Christmas period will be much different, given the predictable drop in volumes and trading activity. The date of the next election in the financially and politically troubled Italy has been set to March 4th next year, and the early date caused some turmoil in the countries assets, which dragged the Euro Stoxx 50 lower today, together with the DAX and the other major indices.

Cryptocurrencies

As the total market cap of the crypto-market crossed the incredible $500 billion mark, Ripple, NEO, and Ethereum made headlines with lofty gains in the face of the severely overbought readings elsewhere in the segment. While XRP and NEO are still not overbought from an investment perspective, Ethereum reached our final target for its break-out and triggered a long-term sell signal.

ETH/USD, 4-Hour Chart Analysis

The previously surging IOTA continued its correction, Litecoin consolidated in a relatively narrow range, while Dash, ETC, and Monero scored marginal new highs before turning lower together with BTC. The most valuable coin that has lost some of its momentum “mojo” in recent days fell back below last week’s highs, and that could mark a failed break-out and a start of the deeper correction that seems more and more likely.

BTC/USD, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
11:30 UK Average Earnings 2.5% 2.5% 2.3%
11:30 UK Claimant Count Change 5,900 3,300 6,500
11:30 UK Unemployment Rate 4.3% 4.2% 4.35
15:30 US Core CPI 0.1% 0.2% 0.2%
15:30 US Crude Oil Inventories -5.1 mill -3.6 mill -5.6 mill
21:00 US Fed Rate Decision 1.5% 1.5% 1.25%
21:00 US FOMC Statement

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Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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