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Analysis

Technical Analysis: Altcoins Plunge as Bitcoin Rallies Towards $17,000

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The tide has turned in the cryptocurrency segment today, as the recent short-term trends reversed with most of the major altcoins losing significant ground, led by Ripple, while Bitcoin advancing after a period of underperformance. While the long-term setups are little changed, the recently surging coins might be in for a violent correction, and Bitcoin could extend today’s rally as the short-term technicals are favorable.

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BTC broke out above the $15,750 level, triggering a short-term buy signal and now it breached the crucial $16,500 level as well. Despite the rally, investors should still wait with adding to their long-term positions, as we expect further correction after the steep run-up in the recent months. Key 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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Ripple completed a 30% correction in a course of two days after reaching short-term overbought readings, and the now both the long- and short-term picture is bearish. We expect the coin to break the rising trendline and continue its correction, with support levels now found at $2.10, and  $1.50, and with further levels at $1.8, $1.25, $0.85, $0.68, and $0.42.

XRP/USDT, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum triggered a short-term sell signal during today’s pull-back, as the coin is now overbought on the 4-hour chart, while also being stretched from a long-term perspective. We expect the currency to enter head lower in the coming weeks, with a possible test of the mini-crash lows from two weeks ago. Above that, support levels are now found at $850, $740, $625, $575.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin continued to trade inside a relatively narrow range, although it acted stronger than most of the altcoins during today’s sell-off following a weak period. That said, the coin remains under long-term pressures and we expect the correction to continue, with key support levels found at $125 and $100, with a weaker zone near $170.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been among the weaker and more volatile majors today, testing the $1000 level, as we expected, and the coin remains within a larger scale correction. The currency is expected to dip below the crash-lows in the coming weeks, with support levels found just below the current price at $1000, slightly above $800, at $650, and near $600.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic followed the trend in altcoins lower, and the coin got close to the $30 level yet again following the brief spike above $34 yesterday. We still expect the coin to continue its correction, as the long-term picture remains bearish, and a dip below the prior all-time high at $23 seems likely. Strong support levels below $30 are found at $23 and $28, while resistance is ahead at $34 and $40.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero also lost ground today, and the coin remains below the key $400 level in a bearish long-term setup, still being severely overbought from an investment perspective.  With the technicals being unchanged today, we still expect the coin to dip below $300 in the coming period with further support levels found at $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO triggered a short-term sell signal as it turned volatile and dipped below $100, and as the long-term picture is now overbought investors shouldn’t buy the dip here. That said. Another push higher is possible off the rising trendline, currently near $75, and traders could still play the trend with smaller positions, as support is now found at $80, $64, and $56.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA moved lower amid the altcoin sell-off, continuing its correction as expected. While the coin is ahead of the rest of market in the cycle, investors should still stay away from opening new positions, as the coin is likely to remain volatile after the recent exponential surge. Strong support levels are still found at $3 and $1.5, with a Fibonacci support between those at $2.35.

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.

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2 Comments

2 Comments

  1. HSEman

    January 6, 2018 at 4:12 am

    People could lose a lot of money going off your analysis. Yesterday we got a notification from Hacked saying you recommended buying Stellar. I mean, above you tell us BTC anywhere from $16500 to $7700. Might as well put we don’t know what it’s going to do. Same with Ripple and all the others you listed. If this was a free website then it would be one thing but when you charge $40 bucks a month then we, or I do at least, expect better recommendations and analysis.

  2. Eighty

    January 6, 2018 at 6:57 am

    A few days ago they recommended Dash and now they expect crash lows.

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(more…)

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.

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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

(more…)

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.

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Analysis

Music: One Overlooked Use Case

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So far in this year, Ethereum has been the crypto star appreciating over 80% to a recent record of $1402. All this suggests that more and more applications are being created. We know this by the demand for Ether, the gas that drives the Ethereum network.

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The reason behind the explosion of Ether demand was confirmed by Ethereum co founder Steven Nerayoff in a CNBC interview where he claimed the number of Ethereum projects today is more than 10 times year ago levels.

One of those areas is the music business and there are several names appearing on the ICO list to add to your research agenda.

Why The Music Business Needs Help

Music may live forever but the business side has been in trouble for a long while. Over the last decade there have been only three years when the global value of music sales increased. The combination of digital music and outright pirating through peer-to-peer sharing has much to do with the long-term trend.

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Throughout the world there are 69 copyright and royalty societies given the responsibility of documenting, collecting and distributing music royalties. That means collecting a few pennies whenever a song is played on the radio, Internet or anywhere else. Four of the largest of these is in the US, followed by Japan, Germany and Britain. Their operations are truly byzantine.

Experts in the music-publishing field confirm the time between music usage and royalty payment can run close to 24 months. Even then not all royalties are distributed. According to my sources, there are often millions of dollars collected by royalty authorities everywhere that never make it to the entitled recipients. That sort of practice borders on criminal behavior but copyright and royalty societies operate in a sub-rosa manner making it difficult to understand their policies.

In the past just 4 major record labels controlled over 80% of the industry. These giants could afford a full time legal department to pursue royalty issues dominated the music industry. Today, however, independent labels represent almost one-third of the market. This means less democracy in the business with the young independent artist at a particular disadvantage.

Of course, musicians aren’t the only group of artists loosing out on their pay. There are writers, poets and painters that go largely unprotected.

The music business is just easier to track because it has more data. Yet in spite of all the information, the music industry is widely recognized for its lack of transparency. Blockchain technology has the ability to disrupt long-standing industry practices.

ICOs To The Rescue

The number of Ethereum based white knights is starting to appear on the horizon promising to rattle the industry and hopefully restore some democracy on behalf of the independent artist.

One simple business model comes from a startup SingularDTV who is attempting to build their ecosystem on top of Ethereum. Here is the basic value added proposal.

SingularDTV tokenizes the artist work. In doing so the artist is turning their music into a financial asset. Anyone who buys into an artist’s token owns a share of the creation and its income stream. The more people consume an artist creation, the higher goes the token price.

Only time will show if SingularDTV succeeds with this model. The consequence of this model is how it eliminates many of the middlemen and nefarious influences in the industry. Instead of singing on a street corner for bread, an artist could raise money upfront without relying on an advance from a record label.

According to SingularDTV, distributing content via blockchain would allow artists to skirt streaming platforms like Spotify to earn royalties on their own terms. Now that is true democracy.

SingularDTV may stand out a bit in the news due its recent ICO success in raising $8 million but they aren’t the only player in the music game. Names like Voise recently raised $1 million as well as Soundchain, Blokur and Opus to name a few.

I am no longer a registered investment advisor, which means I don’t go around making investment recommendations. So I will only suggest this group to put on your list of late night reading. Next time, I will take a closer look at more of these names.

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.

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