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Technical Analysis: Bitcoin Remains Under Pressure as Ripple Surges

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The major coins have been trading in a choppy fashion today, with a clear bearish turn in the second half of the session, despite the early gains that were boosted by the break-out in Ripple. Bitcoin fell to a new 10-day low as it continued its correction, getting close to the $15,000 level.

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As a declining short-term trend has been established, and given the overbought long-term setup, we expect further downside in the coin, with primary support found at $13,000, further levels at $11,300, $10,000, $9000, while stronger levels found at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple blasted through its prior high today, and it hit the $1 level for the first time, spiking as high as $1.1. XRP is the best performing major of the day, as the other coins turned sharply lower, although Monero and Dash trading near their record highs earlier on. Ripple has Fibonacci targets ahead at $1.25 and $1.5, while support is found at $0.68, $0.61, and at $0.42, the long-standing prior all-time high.

XRP/USDT, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still trading close to last week’s highs despite the brief rally above the $800 level in early trading, and the coin is still below the prior rising trend channel after the recent re-test. As the long-term momentum is also overbought in the case of the ETH token, further corrective price action is likely in the coming weeks.  Initial support is still at $740, while key levels are now found at $575, between $480 and $500, and near the prior all-time high at $400.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin’s break-out above its recent highs failed recently and the coin has been under pressure ever since, and it’s now trading below the $300 level. The long-term sell signal remains intact in the coin, although the short-term momentum is now neutral. The prior steep short-term uptrend has been broken, and the correction will likely continue. Key support levels are found at $125 and $100, with weaker levels between $250 and $260 and at $170.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been among the strongest major altcoins this week, and despite the current pull-back, the steep short-term uptrend is still intact and the coin is not far off yesterday’s all-time high. That said, the currency is in a strongly overbought long-term setup like the majority of the segment, and investors should wait for a correction before adding to their positions. Major support levels are now found at $1000, $800, $650, and $600.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic turned lower off the lower boundary of the previous uptrend channel today, but it’s still not far from the $40 level that has been in focus this week. The long-term picture is still extremely overbought and we expect a deep correction soon, with key support found at $32 and $30, and further strong levels at $23 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continued to trade similarly to Dash, staying near yesterday’s highs amid in the choppy environment. The coin turned sharply lower in the second half of the session, and now the coin is testing the $400 level. The steep short-term uptrend remains intact, but we expect the coin to continue lower after yesterday’s short-term sell signal. Key support levels are now found at $300, $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO continues to trade in a short-term correction pattern after last week’s break-out and the subsequent surge. While the coin is not dangerously overbought from a long-term perspective and a rally to the $100 range extension target is still possible, a continued correction in the segment could put selling pressure on NEO. Key support zones are still found near $0.56, $0.50, and around $0.40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA fell back below the $5 level despite an early rally in the coin, and it remains well below the all-time high that is has been testing recently. While the short-term setup is still neutral, the long-term picture is extremely overbought and the correction is likely to continue, with strong support is only found at $3 and $1.5.

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 (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

Music: One Overlooked Use Case

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So far in this year, Ethereum has been the crypto star appreciating over 80% to a recent record of $1402. All this suggests that more and more applications are being created. We know this by the demand for Ether, the gas that drives the Ethereum network.

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The reason behind the explosion of Ether demand was confirmed by Ethereum co founder Steven Nerayoff in a CNBC interview where he claimed the number of Ethereum projects today is more than 10 times year ago levels.

One of those areas is the music business and there are several names appearing on the ICO list to add to your research agenda.

Why The Music Business Needs Help

Music may live forever but the business side has been in trouble for a long while. Over the last decade there have been only three years when the global value of music sales increased. The combination of digital music and outright pirating through peer-to-peer sharing has much to do with the long-term trend.

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Throughout the world there are 69 copyright and royalty societies given the responsibility of documenting, collecting and distributing music royalties. That means collecting a few pennies whenever a song is played on the radio, Internet or anywhere else. Four of the largest of these is in the US, followed by Japan, Germany and Britain. Their operations are truly byzantine.

Experts in the music-publishing field confirm the time between music usage and royalty payment can run close to 24 months. Even then not all royalties are distributed. According to my sources, there are often millions of dollars collected by royalty authorities everywhere that never make it to the entitled recipients. That sort of practice borders on criminal behavior but copyright and royalty societies operate in a sub-rosa manner making it difficult to understand their policies.

In the past just 4 major record labels controlled over 80% of the industry. These giants could afford a full time legal department to pursue royalty issues dominated the music industry. Today, however, independent labels represent almost one-third of the market. This means less democracy in the business with the young independent artist at a particular disadvantage.

Of course, musicians aren’t the only group of artists loosing out on their pay. There are writers, poets and painters that go largely unprotected.

The music business is just easier to track because it has more data. Yet in spite of all the information, the music industry is widely recognized for its lack of transparency. Blockchain technology has the ability to disrupt long-standing industry practices.

ICOs To The Rescue

The number of Ethereum based white knights is starting to appear on the horizon promising to rattle the industry and hopefully restore some democracy on behalf of the independent artist.

One simple business model comes from a startup SingularDTV who is attempting to build their ecosystem on top of Ethereum. Here is the basic value added proposal.

SingularDTV tokenizes the artist work. In doing so the artist is turning their music into a financial asset. Anyone who buys into an artist’s token owns a share of the creation and its income stream. The more people consume an artist creation, the higher goes the token price.

Only time will show if SingularDTV succeeds with this model. The consequence of this model is how it eliminates many of the middlemen and nefarious influences in the industry. Instead of singing on a street corner for bread, an artist could raise money upfront without relying on an advance from a record label.

According to SingularDTV, distributing content via blockchain would allow artists to skirt streaming platforms like Spotify to earn royalties on their own terms. Now that is true democracy.

SingularDTV may stand out a bit in the news due its recent ICO success in raising $8 million but they aren’t the only player in the music game. Names like Voise recently raised $1 million as well as Soundchain, Blokur and Opus to name a few.

I am no longer a registered investment advisor, which means I don’t go around making investment recommendations. So I will only suggest this group to put on your list of late night reading. Next time, I will take a closer look at more of these names.

Featured image courtesy of Shutterstock. 

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: 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

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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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