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Technical Analysis: Bitcoin Pops Again, Hits $6400 as Altcoins Go Nowhere

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Bitcoin is still all the rage in the crypto segment as the largest coin’s market continues to be the most active by far, with altcoins mostly hovering in tight ranges. The day’s big news regarding a BTC futures contract on the CME boosted the coin’s price and pushed it above the recent all-time high. The development opens up investing in the segment to a whole new group of players, and it can be a major catalyst in the coming period, although technical factors still point to a coming deeper correction. With that in mind, we still urge investors to wait with opening new positions and keep stops tight. Support levels are still found near $5800, $5400, and around the $5000 level.

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BTC/USD, 4-Hour Chart Analysis

Activity in altcoins remained low, with only NEO showing signs of life, climbing briefly back above the key $30 price level. The rest of the market is trading close to unchanged compared to Monday’s levels, with the long-term setups also being stable in the calm environment. Ethereum Classic provided the positive surprise of yesterday, but so far it failed to follow through on the relative strength, and the coin is drifting lower today. Let’s the short-term altcoin charts.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a bullish short-term consolidation below the $315 level, which represents the upper boundary of the long-term trading range. The price of the ETH token has been virtually unchanged today, and although the rising long-term trend is getting closer, the overall picture remains bullish, with strong support at $300 and $285, and targets ahead near $330, $350, and $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin continues to hover around the $56 level, as the coin hasn’t moved substantially since yesterday. The long-term picture remains bullish, while the short-term consolidation pattern remains intact. We still expect a move towards the $64 level in the coming weeks, with the next target being at $75. Support levels below $56 are found at $53 and $51.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been drifting lower since yesterday, but it is still trading in the same short- and long-term formations as before, and it remains one of the most bullish coins regarding the long-term picture. The currency faces strong resistance at $300, with further levels at $330 and $360, while support is still found at $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is stuck near the $0.20 level this week, and the coin remains in a bearish short-term pattern, with several strong resistance levels ahead. That said, the long-term picture is still positive, but traders should wait for a move above at least the short-term resistance at $0.21 before entering new positions. Long-term investors, on the other hand, could add to their positions here, with support just below the current price, at $0.18, and $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still trading below the $11 level despite Monday’s encouraging move, but today’s decline has been modest, and traders should still monitor the coin for a break-out. Above the primary resistance, further targets are ahead at $12.50, around the $13.50 level, and at $16.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero’s market has been even calmer than in recent days, as the coin traded in a very narrow range, ignoring the activity in BTC. The currency is trading in a longer-term range between $80 and $100, and it remains attractive for long-term investors here. Below $80 key support is found the $68, while primary target above $100 is ahead at $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO spiked above the $30 level today in early trading again, but the move fizzled out once more as the key resistance still proved stronger. We expect the coin to move above the level soon, with an initial target for the rally at $40. Support below the current level is found at $27 and $25, and we expect the strong range to hold in the coming period as the coin remains in a bullish long-term setup.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA settled down after a volatile period, but the coin now retraced most of last week’s spike, and it remains stuck in a declining trend, despite the positive long-term outlook. Crucial support is found at $0.35, and we expect a move above the declining trendline, towards the primary support between $0.45 and $0.48 soon.

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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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