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Technical Analysis: Bitcoin Still Under Pressure as Mixed Trading Continues

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The short-term correction that has been dominating the major coins is still intact, although the relatively low volatility and the ongoing rotation between the currencies suggest that the rising trend is not in danger. Bitcoin is hovering around the $4200 level today, as the most valuable coin, exited the short-term trend and entered a trading range between $4150 and $4400 after the sharp post-crash advance. BTC is still 40% above the lows of the deep correction, and with the long-term picture being constructive we expect the advance to continue after the consolidation. Further support is found at $4000, $3800, and $3500 while resistance is ahead around $4650.

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BTC/USD, 4-Hour Chart Analysis

The other majors are mixed with no major percentage changes compared to yesterday’s price levels. Ripple and Monero are still among the better-performing coins, while Dash is also showing strength after a period of weakness. NEO and IOTA remained more volatile than the broader market while Ethereum Classic found some support near $12 after a negative period. With correlations being lower than in recent weeks the individual starts require more attention from traders, so let’s see the details for the most traded majors.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still holding up above the crucial $285 level despite the recent weakness, and the long-term picture remains encouraging for bulls here, with the gains of the 50% rally being mostly held by the coin. That said, the $300 level is still ahead as resistance for the currency and the short-term trading range remains intact. Further resistance is still ahead at $380, while support is at $250 and $235.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin remains stuck between the $51 support and the $56 resistance as the coin still trades with relatively low volatility, while underperforming the broader market. LTC needs to recover above primary resistance to retain a short-term buy signal, as it is still below the rising long-term trend.  Below $51, further support is found at $44, while resistance is ahead near $64, and at $75.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash bounced off the key $300 level as it formed a short-term bottom as we expected, and with the long-term picture still being very positive, the coin is expected to test the $330 and $360 levels in the coming period. That said, the short-term consolidation pattern is still intact, and more sideways price action is possible before the segment concludes the short-term correction. Below $300, support is found near $265 while crucial resistance is ahead at $360 and above that at the all-time high near $410.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP remains very strong from a technical perspective, still trading inside a shallow short-term consolidation pattern that points to a rally above the resistance zone around the $0.22 level soon. The coin outperformed the broader market during the current short-term correction, holding up above primary support. Further support levels below $0.195 are still found at $0.18, $0.16, and $0.14, with resistance ahead at $0.26 and $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic found support near the $12 level, but it remains weak after last week’s rally, and the resistance zone around the $13.50 level is still ahead as a major obstacle. The coin has been acting weak since the China-induced crash, and short-term traders are still advised to stay away from new positions here, although the current price levels are still attractive for investors. Primary support is found near $11, while further resistance is ahead at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero has been the most stable major since the crash, as it remained above the $80 support but below the declining trend with progressively falling volatility. We still expect the coin to exit its correction pattern soon and test the $100 resistance, as it remains one of the strongest currencies regarding the long-term picture. Below $80, key support is found at $68, while further resistance is ahead at $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is once again trading near the $30 level as the coin continues to correct the huge rally off the crash lows. The rising trend is clearly intact, and as the MACD is back to neutral, a short-term bottom could be formed in the coming days. Support is still found at $30 and $25 while primary resistance is around the $34 and $40 levels, with the dominant short-term trendline currently at $27.50.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA bounced off the short-term support level just above the $0.50 level again today, and it is likely forming a swing low that will conclude the short-term correction. Last week’s rally topped out near the $0.64 resistance again, but we still expect a move above that zone in the coming weeks. Further targets are near $0.75 and 41.10 while key support is still found between $0.45 and $0.48 and below that at $0.35.

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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: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

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

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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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

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.

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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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11 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 5 (11 votes, average: 4.73 out of 5)
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