Connect with us

Analysis

Technical Analysis: Bitcoin Breaks Below $7000, Altcoins Pull Back, As Bitcoin Cash Jumps

Published

on

Bitcoin continues to lose ground compared to altcoins, although today’s sell-off in the most valuable coin infected the rest of the segment with only Bitcoin Cash surging higher, and crossing the $800 level for the first time since late-August.

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

BCH/USD, 4-Hour Chart Analysis

BTC dropped below $7000 and quickly got close to the short-term support level at $6700 as the decline accelerated.The long-term picture remains overbought for the currency after its recent stellar rise, and while the short-term MACD is neutral, risks are still skewed towards the downside and a deeper correction is expected in the coming period. Support levels are found below $6700 at $6000, $5800, and at $5400.

// -- 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 -- //

BTC/USD, 4-Hour Chart Analysis

NEO and IOTA are leading altcoins lower with double-digit losses, but Litecoin, Monero, Ripple, and Ethereum are also significantly lower, with only Ethereum Classic and Dash holding on to marginal gains after a positive start to the session.

The sell-off took the total value of the market below $200 billion again, and the expected volatility in BTC could cause more turmoil. That said, the long-term picture looks encouraging for the major altcoins, so let’s see how the short-term charts look before the weekend.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum fell back to the previous dominant trading range in the recent hours after yesterday’s break-out, as the broad decline dragged the coin lower. The long-term uptrend remains intact despite the recent relative weakness in the currency, and we still expect the trend to resume the trend, with targets ahead at $350 and $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin entered a short-term correction after a strongly bullish period, and the coin spiked below $60 today after trading as high as $67 yesterday. The currency remains bullish on all time-frames and we expect a test of the $75 level in the coming period. Support levels are found at $56 and $53, while further targets are ahead at $82.50, and near $95.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash reached the $350 level today in early trading, but the coin fell back to the $330 support/resistance level along with the other majors. With the long-term picture still being bullish, we expect the move to resume soon, with targets ahead at $360 and near the all-time high slightly above $400.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple failed to follow through yesterday’s rally with a clear break above the zone around the $0.2250 level short-term picture is back to neutral today. The long-term setup is still bullish, but more sideways price action is possible before a sustained move higher. We still expect a rally toward the $0.26 and $0.30 levels in the coming weeks, but the correction in BTC could cause volatility in the currency, with support levels at $0.190, and near $0.18.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic broke out to a new short-term high before turning lower with the broader market, and it got close to our next target near $16 during the move. The coin remains in a bullish setup despite the reversal, with further targets ahead at $18 and $23, and key support levels at $13.50 and below that at $12.50 and at $11.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero breached our primary target near $125 entering a short-term correction that could see a re-test of the crucial $100 level. That said, we expect a move towards the all-time high near $150 in the coming weeks, as the coin remains one of the strongest altcoins from an investment standpoint. Support below $100 is still found near $80 and $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO tumbled back below the key $30 level after failing to confirm the break-out with a move above $34 yesterday. Despite that, the long-term is still encouraging and we expect a move towards $40 in the coming weeks after the current consolidation concludes. Key support levels are still found at $27 and $25, and investors could still add to their positions here.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA entered a short-term correction after it’s explosive move to $0.60, as we expected, and it’s now testing the key zone between $0.45-$0.48 yet again. A move towards $0.64 and $0.75 is likely in the coming weeks, but volatility is expected to remain elevated as BTC will likely correct further.

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?

2 Comments

2 Comments

  1. BullDesai

    November 10, 2017 at 5:18 pm

    lol no neo chart both iota u did it in too hurry mate.

    send some eth if i saved ur site’s reputation.
    0xE1cd4C7b5a6c23D2134D0750D824976184169a2A

    • fernip0w

      November 10, 2017 at 11:34 pm

      @BullDesai Yeah it was an honest mistake but don’t expect compensation for it. You should see how hard these folks keep up with the Crypto world.

      @hackedfinanceteam You guys do an awesome job, I am happy subscriber to your analysis and workgroups. Thanks again!

You must be logged in to post a comment Login

Leave a Reply

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

Analysis

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

Published

on

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.

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

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.

// -- 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 -- //

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

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?

Continue Reading

Trending