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Technical Analysis: Bitcoin Slides as Litecoin and Ethereum Hit Highs Again

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It’s been a two-faced session in the cryptocurrency segment, as the most valuable coin drifted lower in a choppy fashion, while several major altcoins posted lofty gains amid the capital rotation before turning lower in late trading. The total value of the market is still above the $600 billion mark, and BTC us holding up right at $300 billion.

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Bitcoin is still not far off its all-time high, with a 10% correction so far, which left the long-term setup unchanged but brought the short-term momentum back to neutral territory. The coin is now clearly below the short-term uptrend line, and given the still overbought long-term picture, a deeper correction remains likely. Strong support is only found at $13,000 with further levels at $11,300, $10,000, $9000, while stronger levels are near $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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Litecoin was one of the strongest majors, crossing the $20 billion in market cap while hitting a marginal new all-time high, as we assumed yesterday. The coin is trading near the $350 after the recent correction and it remains stretched regarding the long-term picture, and long-term investors shouldn’t jump in the market here, as a deep correction is likely in the coming weeks, although traders could still hold smaller positions speculating on another push to new highs. Key support levels are still found at $125 and $100, with weaker levels between $250 and $260 and at $170.

LTC/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continued to drift higher to new all-time highs today, following the recent break-out above the range around the range extension target. The coin topped $800 thanks to today’s rally, and re-tested the lower boundary of the previous rising trend channel. We expect a significant move lower as the long-term momentum remains severely overbought, with initial support at $740, and key levels now found at $575, between $480 and $500, and near the prior all-time high at $400.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is testing its recent all-time highs, although it failed to rise above the weekend top despite the bullish sentiment. The prior dominant short-term uptrend is still broken, and the coin remains on a long-term sell signal, with the elevated correction risks still being present.Major support levels are now found at $800, $650, $600, $500, and near $410.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple topped out near its break-out high today, and the coin failed to build on the altcoin rally after its recent stellar gains and the long-term sell signal that has been triggered last week. The coin will likely re-test its prior all-time high during the next correction, with initial support now found at $0.68, while further levels at $0.4250 and in the $0.30-$0.32 range.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic kept on grinding higher along the lower boundary of its previous trend channel and the coin reached the $40 level before turning lower today. We expect the coin to enter a deep correction together with the other majors in the coming period, with another likely test of the previous high at $23. Above that zone, support is found at $32 and $30 while a further strong is at $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero got close to the $400 level as it remained among the strongest majors as it continued to trade in its dominant short-term uptrend, despite the momentum divergence that we noted yesterday. That said, the long-term setup remains unchanged and investors should wait for the next correction before entering new positions. Key support levels are now found at $300, $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO entered a short-term correction today as we expected after reaching overbought readings on the 4-hour chart following the recent break-out. The coin remains less stretched regarding the long-term picture than the other majors, but a segment-wide correction will likely drag the NEO down as well. Key support levels are now found at $0.56, $0.50 and $0.40, while the range extension target is ahead at $100.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA tested its all-time high today as it broke out from the consolidation pattern that developed after the recent exponential surge. We still expect the correction to continue after the re-test, as the long-term setup remains unchanged. Strong support is still only found at $3 and $1.5, with potential Fibonacci support at $2.35.

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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3 Comments

3 Comments

  1. Bootdoc120

    December 20, 2017 at 12:42 am

    Where are you seeing new high in Litecoin??? The price was $420 8 days ago!! The latest high is $380. Get your story straight.

    • Mate Cser

      December 20, 2017 at 1:13 am

      Hi Bootdoc,
      I am using Kraken prices as I trade there, but there was also a new high on most exchanges, I guess you are using Coinbase. Hope this clarifies the charts.

  2. Panchito

    December 20, 2017 at 12:46 am

    FYI NEO support levels are wrong.

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(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

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

(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

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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