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Technical Analysis: Bitcoin Creeps to New Highs as Altcoin Rally Continues

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The cryptocurrency segment continues to reach new highs on a daily basis, as Bitcoin is holding up to its recent gains, while altcoins are steadily rallying. The major coins are experiencing constant rotation, but overall, the value of the segment is growing, and it reached $240 billion today for the first time ever.

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IOTA is the strongest major of the day, as the coin emerged from a short-term correction to hit a new rally high just below the $0.95 level. The short-term uptrend in the coin is intact and although the currency is getting overbought we still expect the rally to continue, with a likely test of the previous high at $1.1, and key support levels are found at $0.75 and $0.64.

IOTA/USD, 4-Hour Chart Analysis

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BTC is also trading in a short-term uptrend despite the overbought long-term picture, and the currency scored a new all-time high again above the $8250 level, although the momentum of the move is weak, and the 4-Hour MACD is showing negative divergence. Investors should still wait for a deeper correction before entering new positions here with crucial support at $7700, $7000, and $6700.

BTC/USD, 4-Hour Chart Analysis

Altcoins are broadly higher today, with Monero being in a very good position for a rally to new all-time highs, Ripple, Ethereum, and ETC also showing encouraging strength, while Dash and NEO trading in short-term consolidation patterns.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is consolidating above the prior resistance level at $350 after the weekend rally, and the second largest coin looks set to test the $380 level, with a good chance of a rally towards the $400 level and the all-time highs in the coming week. Support below $350 is found at $330 and $315, while the rising long-term trendline is currently at $320.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is edging towards the $75 resistance after leaving the vicinity of the key $64 level and the coin remains bullish on all-time frames, without getting overbought. We still expect a test of the $82.50 target, with a possible rally to $100, with the all-time high just below the historic level. Further support is found below $64 at $56.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still consolidating in a bullish pattern after its break-out to new highs, and the coin is holding up above the previous high at $400. While long-term investors shouldn’t open new positions here, as the coin is now on a neutral signal, traders could still play the rally. Support below $400 is found at $360 while resistance is ahead near $500.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is drifting higher after a period of relative weakness, and it triggered yet another short-term buy signal following the previously failed break-outs. The long-term picture remains clearly positive, and investors should still add to their positions here. Support is found around $0.2250, and near $0.20 while resistance is ahead at $0.26 and $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic climbed above the $18 level after the short-term correction, and it looks set to test the $20 level in the coming days, with the all-time high also ahead at $23. The long-term picture is getting overbought, but traders should still play the rally, with support below $18 at $16 and $14.50.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero moved away from the $125 support/resistance level after a choppy consolidation period, and the coin remains one of the most promising major from an investment standpoint. Only the all-time high near the $150 level remains as resistance ahead, and we still expect a rally to new highs in this cycle, with support found at $125 and $100.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO pulled back to the crucial $40 level after the explosive rally, and it’s now trading in a short-term flag pattern, still being clearly bullish from a long-term perspective. The coin has support at $34 and $30, and we expect a move above $50 towards the all-time highs.

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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2 Comments

2 Comments

  1. Chris G

    November 20, 2017 at 9:54 pm

    looking good …

  2. fermera_dany

    November 20, 2017 at 11:11 pm

    Looks promising indeed… The only thing I wonder is until when… Lets hope we have few weeks more, before some next disaster 🙂

    P.S. Thanks Mate, most of the money I make with my week to month (term) trades are based on your report.
    Cheers.

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Analysis

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

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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.

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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.

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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.

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Analysis

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

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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.

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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

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 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

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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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