Connect with us

Analysis

Technical Analysis: Bitcoin Back to $6000 as Altcoins Stabilize

Published

on

The cryptocurrency segment recovered following yesterday’s dip, but the performance of the major coins has been asymmetric once again. Bitcoin is clearly back in the driving seat, as Bitcoin Gold, the product of the latest fork, lost market share and interest. The price of the most valuable coin rose back to the $6000 level, just below its all-time high, with an almost double-digit jump today.

// -- Discuss and ask questions in our community on Workplace.

Despite the encouraging rally, the coin remains clearly overbought regarding the long-term picture and investors should stay away from opening new positions here, even as the short-term rising trend is still intact. The currency bounced off the convergence zone near the $5400 level, while below that further support is found at $5000 and $4650.

BTC/USD, 4-Hour Chart Analysis

// -- 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 -- //

With Bitcoin’s dominance just below the 58% mark again, altcoins, in general, are little changed today, with only a few notable movers. NEO is trading lower by around 3%, while Monero is also weaker than the average with a 2% daily loss. The rest of the market is close to flat for the day, and given the recent negative correlation with BTC, the stability of altcoin prices is a welcome sign. Let’s see the details of the short-term picture.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum’s market basically froze today, as the price of the token moved in a very narrow range around the $300 level. The coin failed to join the rally of Bitcoin and remained below the $315 level, the top of the lengthy trading range. ETH is still in a long-term uptrend, and a move towards the $330-$350 zone is expected in the coming weeks. Support levels $285 and near $250, while further resistance is ahead at $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin drifted higher today, reclaiming the key $56 level in the process, but it’s still well below the key $64 level, the next major resistance. The dominant short-term consolidation pattern is still intact, and the long-term picture remains bullish, and we expect the resumption of the rising trend soon. Support levels are now found at $56, $53, and $51.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is among the weaker coins today, and the coin is still stuck below the key $300 level, although today’s move is far from being significant regarding the bullish long-term picture. While the correction pattern in the coin remains intact, Dash is expected to resume the rising trend in the coming weeks. Resistance levels are found near $300, $330, and $360, with key support at $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP settled down bear the $0.20 level after the recent violent moves, and it remains inside a declining short-term trend. As the coin remains in a positive long-term setup, investors could add to their positions here, but traders should wait until a new uptrend develops. Support levels are still found near the current price level and around $0.18 and $0.16, while resistance is ahead in a broad zone around $0.22 and above that near $0.26.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic remains below the short-term support at $11, and the coin is still the weakest major regarding the long-term picture. Today’s quiet session didn’t change the negative short-term trend, but the currency held up above the $10 level after spiking to single digits several times recently. Strong resistance is also ahead at $12.50 and around the $13.50 level, with long-term support found at $9.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero drifted lower after yesterday’s encouraging rebound, and it continues to trade with very low volatility, inside a lengthy trading range. The $100 level could be in focus once again in the coming period, as we don’t expect a break below $80 before the next leg of the long-term uptrend. Above $100 resistance is ahead at $125, and near $150 while further support is found at $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO also trended lower today, but the momentum of the move was weak, and the coin found support near the middle of the short-term trading range, well clear of the key $27 level. Further support is found at $25, while resistance levels are ahead near $30, $34, and $40. The long-term setup remains encouraging, and we expect the post China-crash recovery to continue after the consolidation.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is showing relative weakness today after the strong rally earlier on this week, as the dominant declining trend is still intact. That said, the long-term picture is still encouraging, but traders should still wait with a clear break above the falling pattern before opening new positions. Support is still found at $0.35 while resistance is in the key $0.45-$0.48 zone, and near $0.56 and $0.64.

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?

Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

Published

on

Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

// -- Discuss and ask questions in our community on Workplace.

XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

// -- 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 -- //

XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

(more…)

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?

Continue Reading

Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

Published

on

Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

// -- Discuss and ask questions in our community on Workplace.

With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary 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

// -- 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 -- //

 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. 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

(more…)

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?

Continue Reading

Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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

// -- 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 -- //

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

(more…)

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?

Continue Reading

Trending