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Analysis

Technical Analysis: Bitcoin Extends Bounce as Altcoins Flatline

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As we are approaching the end of the low-volume Christmas period, cryptocurrencies might be ready for a jump in trading activity, but today, choppy conditions are still dominant. That said, Bitcoin experienced buying throughout the session, and it reached slightly above the Saturday correction highs, as altcoins lagged behind.

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BTC breached the $16,000 level, as the short-term momentum indicators cleared the oversold readings, getting back to neutral territory. Despite the recent correction, the coin still faces long-term pressures, and further correction is likely in the coming weeks, with a dip below $10,000. Key support levels below the key $13,000 zone are found at 11,300, $10,000 and $9000, with stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ethereum got stuck near the $750 level after yesterday’s healthy bounce, and the coin’s market froze, with very low volumes throughout the session. The currency is also in an overbought position regarding the long-term picture, but its prior lengthy consolidation provides a stronger support, and the coin never reached such extremes as BTC during this cycle. That said, further consolidation likely with support zones still found around $625, near $575, $500, and around the prior all-time high near $400.

ETH/USD, 4-Hour Chart Analysis

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin also traded in a very narrow range today, and the coin remained below the Saturday high in the quiet environment. While the long-term picture is still hostile, short-term there is still room for advance, but another leg in the correction is likely in the coming days after the oversold short-term readings are cleared. Crucial support levels are just below the current price between $250 and $260, at $125 and $100, with a weaker zone at near the $170 level.

Dash

DASH/USD, 4-Hour Chart Analysis

With very little activity in the market, Dash also traded sideways today, staying below the correction highs, as the coin lagged Bitcoin during today’s rally. Dash drifted out from the short-term downtrend, but as trading picks up again, another leg in the correction is likely, with major support levels found at $1000, $800, $650, and $600.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple settled down near the historic $1 level together with the broader market, and the coin is still holding on to its break-out gains, despite the sharp pull-back and the volatile spike on Friday. Although traders could still play the short-term setup, correction risk is now high and investors shouldn’t open new positions here. Support levels are still found at $0.85, $0.68, $0.4250 and in the $0.30-$0.32 range.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic briefly spiked above the $30 level in the thin market today, drifting out of the short-term downtrend, but the oversold readings are almost cleared. With that in mind, we expect the correction to resume soon, as the long-term picture is still overbought. Support levels below are found at $25, $23, and $18, while resistance is ahead at $32 and $40.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still holding up inside the steep dominant uptrend, despite the recent volatile move and the coin also drifted sideways today amid the BTC rally. Both the long- and short-term setups are unchanged, so we still expect the short-term trend to be broken soon, and a deeper correction to begin, with support levels below $300 found at $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO has been more active than the rest of the major coins today, especially in early trading, but the coin remained inside the short-term consolidation pattern, despite the relatively broad daily range. The currency is still encouraging from a long-term perspective, and a rally towards the $100 level looks likely after the segment-wide correction concludes. Key support zones are still found near $56, $50, and around $40, while resistance is ahead at $64 and $80.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA got stuck below the previously dominant trendline thanks to the sideways drift today, and it remained close to the $3.50 level after the excessive volatility of the previous period. The coin remains overbought, although the extreme readings have already been cleared. We still expect another move lower in the coming weeks with strong support levels found at $3 and $1.5, and a Fibonacci support between those at $2.35.

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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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4 Comments

4 Comments

  1. MinerMatt17

    December 26, 2017 at 10:28 pm

    What are your thoughts on how the renewals of segwit2x may spike the price of bitcoin in the short term?

    Also, what info points to the correction continuing? It seems like this was a standard or slightly above average correction and we will continue back to 20,000 in the coming weeks/months as was also stated in the trade recommendation to buy bitcoin after it broke the resistance level of 15,100.

    Thanks!

  2. Morgan Phipps

    December 27, 2017 at 12:10 am

    Feel confused because of previous BTCUSD trade recommendation

    • MinerMatt17

      December 27, 2017 at 5:00 am

      Agreed, their recommendations never align.

    • Dominik78

      December 27, 2017 at 5:12 am

      +1

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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous 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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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

(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

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(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

Technical Analysis: Bitcoin Tests $13,000 as Hectic Correction Continues

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The cryptocurrency segment remained generally bearish in the middle of the week, as the Ripple and Bitcoin-led move spread to almost all of the majors, with even the recent leader Ethereum getting hit today.

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As BTC got smashed below the dominant rising trendline, a wave of selling pushed the coin under the key $13,000 level before a violent bounce started. Despite the bounce, the long-term picture remains negative, and we still expect a test of the correction low near $11,300 in the coming weeks, with a likely dip below $10,000 before the end of the current cycle. Further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple got very close to the key support level at $1.50 today in early trading, and after the sell signal six days ago, the coin is nearing a neutral short-term signal in our trend model, and a more durable bounce is possible here. That said, the long-term picture remains bearish and further corrective price action is likely before the end of the current cycle. Despite the likely consolidation, long-term investors could already accumulate new positions on the short-term sell-offs near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum’s rally topped out near $1350 for now, and given the now severely overbought long-term picture we expect the short-term trend to end in the coming days. With that in mind, although traders could still enter small positions near the trendline, correction risk is now high, and investors should wait for a deeper move lower before entering new positions. Key support levels below $1000 are still found at $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(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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13 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 5 (13 votes, average: 4.08 out of 5)
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