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Technical Analysis: Coins Stabilize After Correction, Bullish Trend Still On

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Although the major cryptocurrencies are still well below the highs hit in late April, and none of the top coins resumed the uptrend yet, the market remains positive, with price action still being consistent with an ongoing recovery. The technical divide between Bitcoin and Ethereum is still dominant, with the ETH/BTC pair hovering around its recent 10-week high.

While Ethereum has been leading the during the late April rally, Bitcoin was late to the party, and it continues to lag the second largest coin from a technical perspective. Also, following the recent corrective move, the coins haven’t shown strong upside momentum and so far no short-term signals have been triggered. With that in mind, and given the still slightly overbought long-term momentum readings, traders should wait before entering new positions.

BTC/USD, 4-Hour Chart Analysis

Bitcoin failed to recover above the $9000-$9200 zone, as it remained relatively weak after the test of the $10,000 level, and it is still trading near the $8400-$8700 zone in a choppy fashion. The oversold short-term momentum readings have been cleared, and the coin remains inside a corrective pattern, We still expect the uptrend to continue with targets at $10,500 and $11300, and support found between $7650 and $7800.

ETH/USD, 4-Hour Chart Analysis

Ethereum’s rally halted at the $735 resistance level, without triggering a short-term buy signal, even as the currency drifted out of the corrective pattern. While the coin is still relatively strong from a short-term perspective, it is still somewhat overbought on the daily time frame, and that could point to further consolidation after the strong rally. Key support is still found between $625 and $645 and between $555 and $575, while targets above the $780 level are ahead at $845 and $900.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin failed to stay above the $150 level despite yesterday’s encouraging strength, and the coin pulled back together with the broader market today. LTC is currently trading near the $140 support, being on a neutral short-term trend signal. Strong resistance above $150 is ahead between $170 and $180, while further support is found at $125.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash ran into resistance near the $450 level after showing relative strength in early trading today, and the coin remained on a neutral trend signal similarly to the broader market. Traders should still wait with new positions until a short-term trend change even as the long-term overbought readings have been cleared. Resistance zones above $450 are ahead near $500 and between $575 and $600, while support is found at $400, $375, and $360.

Ripple

XRP/USDT, 4-Hour Chart Analysis

Ripple couldn’t gain momentum to tackle the $0.75 level and it fell back below the stronger $0.73 support today, in line with the market’s performance. The coin is well off its April highs after the deep correction, and the long-term momentum indicators are back to neutral. While further consolidation is possible, we expect the recovery to resume afterward, with key support levels found at $0.68 and $0.57, while further resistance is ahead near $0.85, $1, and just above $1.1.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is trading between the $18 and $20 support/resistance levels, in a clear short-term downtrend, showing relative weakness compared to the other majors. The technical setup suggests further sideways price action before the recovery could resume. Further support is found at $16, while above $20, strong resistance is at $23.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is also stuck in a short-term downtrend, still showing relative weakness compared to the leaders. The $200 and $2145 levels are in the center of attention, and traders still shouldn’t enter new positions here, even as the long-term momentum indicators are back in neutral territory. Strong resistance above $215 is ahead at $240, while support is found at $175.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still trading in the vicinity of the $64 level, in a choppy range, lagging the broader market from a short-term perspective. The long-term setup is no longer overbought, but the short-term trend is still corrective, and traders should still avoid new positions. Further support is found near $50, while resistance is ahead at $70, $80, and $100.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA continues to show strength after leading the market higher in April, even as it is stuck near the $1.9 level. As the currency is still somewhat overbought on the daily time-frame, the consolidation could continue, but we expect the rally to resume. Resistance zones are ahead near $2.2, $2.35, and $2.6 while support is found near $1.70 and $1.5.

EOS

EOS/USD, 4-Hour Chart Analysis

EOS is still working its way through the long-term overbought readings after the strong run-up in April, and the coin spiked back to the $12 support level in the process. The currency is on a neutral short-term signal and traders should wait before entering new positions here. Resistance is ahead near $15.5, $19, and $23, while further support is at $10, and $9.

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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4.7 stars on average, based on 443 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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Altcoins

Monero Price Analysis: Stronger Malware to Mine Monero; XMR/USD Has Room for Another Potential Squeeze South

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  • Researchers: a stronger malware has been uncovered, which can mine Monero.
  • XMR/USD price action remains stuck in a narrowing range, subject to an imminent breakout.

The XMR/USD price has seen some upside on Saturday, holding gains of around 3% towards the latter stages of the day. Despite the press higher from the bulls, a move which has been observed across the cryptocurrency market, vulnerabilities remain. Price action has been ranging for the past nine sessions. Once again, this isn’t specifically just XMR, as this type of behavior is witnessed across the board. The narrowing in play came after the steep drop that rippled across the market on 10th January.

Price action was initially well-supported to the upside by an ascending trend line, which was in play from 15th December. This at the time was a very promising recovery, as XMR/USD had gained as much as 55%. Unfortunately, however, the bulls were unable to break down supply heading into the $60 region and were eventually dealt a big hammer blow. On 10th January, the market bears forced a heavy breach to the downside, smashing through this support. The price had dropped a big double-digits, some 20%.

Stronger Malware Mining Monero (XMR)

There is a dangerous form of malware that can bypass being detected and mine Monero (XMR) on cloud-based servers. A recent notice was put out by Palo Alto Networks’ Unit 42, an intelligence team that specializes in cyber threats, regarding a Linux mining malware. This was detailed to have been developed by Rocke group, which has the ability uninstall cloud security products. It can do this to the likes of Alibaba Cloud and Tencent Cloud, to then illegally mine Monero on compromised machines.

The two researchers from Palo Alto Networks, Xingyu Jin and Claud Xiao, detailed the findings of their studies. Once the malware is downloaded, it takes administrative control to initially uninstall all cloud security products. Shortly after, it will then then transmit code that will mine the Monero (XMR). Further within their press release, they said, “To the best of our knowledge, this is the first malware family that developed the unique capability to target and remove cloud security products.”

Technical Review – XMR/USD

XMR/USD daily chart.

Given the current range block formation, eyes should be on the key near-term technical areas. Firstly, to the downside, $43, which is the lower part of the range. A breach here will likely see a retest of the December low, $38. To the upside, resistance be observed at around the mid $46 level. Should a breakout be observed here, then a potential retest of the broken trend line will be watched.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Litecoin Price Analysis: LTC/USD Bulls Enjoy Big Jump But Stubborn Resistance Capping Potential

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  • Litecoin sees a relief rally on Friday, but is still stuck within stubborn range-block.
  • LTC/USD price action has formed a bearish flag pattern structure, subject to a potential break lower.

The Litecoin price on Saturday was seen holding decent gains of over 5%, as life is kicked back into the bulls. The LTC/USD pair has been victim of trading within a stubborn daily $3 range. This very much being the case for the past nine trading sessions. It is a form of consolidation after the breach south from an ascending trend line. This had been supporting the price from 14th December 2018, up until the bears forced a breach on 10th January.

In light of the breakout below the above-mentioned trend line, a large wave of selling pressure came with that. LTC/USD plunged by as much as 25% to the lowest levels seen since the start of the month. The earlier described range-block formation has come as a result of the increased volatility that accompanied the break south. The high of the range should be noted at the $33 mark, with the lower support eyed down at the psychological $30 level.

Bear Flag

Given this type of price behavior from a technical standpoint, it appears to demonstrate some vulnerabilities to the downside. The calming and consolidating after an initial explosive drop lower to then potentially resume the selling pressure reflects this point. As can see from either the 4-hour or daily chart, price action has formed a bearish flag pattern. When the market fell from 9-10th January, this formed the pole of the bearish flag of the structure. The actual flag is currently being constructed, as part of the sideways trading being observed.

Lightening Network Trial Underway

As reported by the CCN team, Coingate, a cryptocurrency-based payments platform, has now executed a trial run of its Lightening Network via Litecoin.  The platform has partnered up with a privacy service provider, known as Surfshark for this pilot project. Within the partnership, the implementation of Lightening Network payment solution for Litecoin transactions is a big milestone for the cryptocurrency community.

Technical Review – LTC/USD

LTC/USD daily chart. A bearish flag structure can be seen.

As detailed earlier, a breakout from the range-block formation will be the next trend defining move. Should the bears manage to force a break below the lower support, tracking at $30, then a demand area below will be called into action. This can be observed tracking within the $28 price region, which is a known area to find buyers. A failure to do so could see LTC/USD drop back down towards $23-22 range.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Analysis

Crypto Update: Coins Drift Lower but Damage Remains Limited

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The major cryptocurrencies continue to trade in narrow ranges following last week’s decline and this week’s failed rally attempt. While Bitcoin is stuck near the $3600 support, the other top coins have been losing ground today, with Ethereum dipping below the $120 level, Ripple violating the $0.32 price level and Litecoin testing the $30-$30.50 support zone yet again.

Trading volumes and volatility remain very low across the board, but correlations are still high between the majors, and despite the quiet environment, we haven’t seen bullish signs in the market. That said, the trading ranges that developed this week are still intact, and although the overwhelmingly bearish long-term picture still makes the continuation of the decline more likely, a failed break-down pattern could still develop in the segment, should the top coins recover above their weekly highs in the coming days.

For now, our trend model remains on sell signals on both time-frames in case of most of the majors, and traders and investors should still stay away from entering new positions here, with still no bullish leadership being present.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still relatively stable even in the very quiet environment, and the most valuable coin is trading right at the $3600 support/resistance level. BTC formed a volatility compression pattern in recent days, and that formation points to a more significant move in the coming days, with a move out of it being inevitable as soon as this weekend.

Bulls are still looking for a move above $3850, towards the key zone between $4000 and $4050, but the bearish long-term setup continues to favor a dip below $3600, with support zones still found near $3250 and $3000, and traders and investors should still not enter positions here.

ETH/USD, 4-Hour Chart Analysis

Ethereum failed to get close to the $130 resistance level again, and as it dipped below primary support, the test of the swing low near $112 is likely in the coming days. The coin remains on sell signals on both time-frames in our trend model, and a move towards the key support zone and between $95 and $100 is likely in the coming weeks, barring a quick reversal above $130. Further resistance is ahead at $145, $160, and near $180 while the bear market low is found near $80

Ripple Under Pressure Again in Weak Environment

EOS/USD, 4-Hour Chart Analysis

Altcoins continue to trade without a clear direction despite today’s dip, but the bearish drift of the recent days means that the key support levels could be in focus during the weekend, should the volatility compression finally end. The few major coins showing signs of strength haven’t been able to maintain the bullish momentum, like EOS, which gave back yesterday’s gains today.

XRP/USDT, 4-Hour Chart Analysis

While the market of Ripple is still very quiet, the coin fell below the $32 support yet again, and it remains relatively weak compared to its closest peers. It is also on sell signals on both time-frames in our trend model, and a dip below $0.30 will likely be the next significant move. Further strong support is found near the $0.26 level, with resistance ahead near $0.3550 and $0.3750.

LTC/USD, 4-Hour Chart Analysis

Litecoin is trading just above the key $30-$30.50 support zone, and it sill failed to get anywhere near the next major zone near the $34.50 price level. Given the hostile long-term setup and the short-term sell signal our trend model, traders should stay away from the coin here, with a move toward the $26 level being likely in the coming weeks. Further strong resistance is ahead near $38 and $44 and with another support level found near $23.

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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4.7 stars on average, based on 443 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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