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Technical Analysis: Coins Jump as Litecoin Leads the Way Again

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The short-term triangle pattern that developed in Bitcoin and in most of the segment, resolved today as expected, and it did so in a bullish manner, with the majority of the majors gaining close to double digits during the session.

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The consolidation phase, which saw a meaningful decline in volatility and the further breakdown of the correlations between the coins, could be the base for another leg higher following the huge decline that started in December.

Having said that, while we advise long-term investors to hold on to their positions, and even add to them on the short-term dips, traders should be aware that the dominant trend is still downward sloping, and volatile swings are still likely, which could hurt leveraged players badly.

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LTC/USD, 4-Hour Chart Analysis

Litecoin pushed forward before the rest of the market, adding more than 30% in a day and topping the key $200 level, marking a 100% day off the crash lows. The coin faces strong resistance near the current levels, but it remains in a positive technical position from a long-term perspective after gathering strength below the $170-$180 zone where primary support is found now.

BTC/USD, 4-Hour Chart Analysis

The other majors also rallied hard slightly later, as investors were on the edge because of the key US inflation data that fulfilled its promise and created meaningful turmoil in traditional assets. Bitcoin cleared the $9000-$9200 resistance zone, although the much weaker $9500 level, marking the bounce-high from two weeks ago, is still just ahead for the coin.

That said, a rally to $10,000 is now likely with further levels at $11,300 and $13,000, while below $9000, support is found at $7650, with other important zones between $6750 and $7000, and near $6150.

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4.6 stars on average, based on 256 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Pre-Market: Oil Plunges Below $70 as Markets Mixed Before Long Weekend

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Financial markets are relatively calm today, despite the hectic week that was highlighted by the Turkish currency crisis, wild swings in bonds, and a step back in US-North Korean relations. Stock markets turned lower globally, with US equities outperforming the rest of the world, essentially drifting sideways all week long, thanks to the slight correction…

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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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4.6 stars on average, based on 256 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Trade Recommendation: Intact Financial

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Technical Overview Since double-bottoming in 2008 and 2009 at $26 (violet horizontal trendline in Figure 1), Intact Financial (IFC.TO) has enjoyed a four-fold increase. During the 2013, 2016 and 2018 corrections, the stock found support at a long-term trendline (support – green trendline; retests – green arrows). Figure 1. IFC.TO Weekly Chart Zooming in, after…

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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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4.8 stars on average, based on 12 rated postsPublished author of technical research. In his work on price “gaps”, published in the 2018 International Federation of Technical Analysts’ Annual Journal, he developed a new technical tool for analyzing and trading the “gap” phenomenon – the “K-Divergence” (http://ifta.org/public/files/journal/d_ifta_journal_18). Besides obtaining a Master in Financial Technical Analysis, he has completed a BBA and an MBA from the Schulich School of Business in Toronto and has completed all exams for the CFA, CMT and CFTe designations. Currently, providing research to investment management and financial advisory firms. http://www.linkedin.com/in/konstantindimov




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Stocks Suffer Hit as Trump Cancels Summit, Turkey Hikes Rate

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After yesterday’s late-day bounce, stocks got close to their two-week lows yet again today in early trading, as risk assets got sold across the board after Donald Trump canceled the much-awaited summit with North Korea’s Kim Dong Un. Safe haven assets spiked higher on the news, with gold getting back above $1300, and the Japanese…

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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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4.6 stars on average, based on 256 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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