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Technical Analysis: Crypto-Chaos Ensues as Rally Stalls in Bitcoin, Litecoin Breaks-Out

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The unprecedented rise in Bitcoin reached its vertical phase yesterday, with astronomical trading volumes, technical difficulties on the major exchanges, and extreme trading range in the most valuable coin before next week’s crucial BTC-futures launch.

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Bitcoin’s record high is a bit puzzling, as the most important exchanges diverged considerably amid the jump in trading activity, with record levels ranging from $16,500 to above $19,000. No matter which level we consider official, the coin had its biggest day ever, before turning sharply lower today, falling as much as 20% intraday.

We still expect a deeper correction following the stellar rally, and the current momentum readings are still dangerously overvalued for long-term investments. As a reminder, a 50% correction would only wipe out around one week of gains. Major support levels are still found at $11,300, $10,000 and $9000, with stronger levels at $8200 and $7700.

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BTC/USD, 4-Hour Chart Analysis

Altcoins are having a positive day, with Litecoin leading the way higher among the majors, surging to a new all-time high well above the key $100 level. The coin is still overbought regarding the long-term picture, and investors should still wait for a deeper correction before entering new positions, but traders could still trade the short-term uptrend with smaller positions. Key support levels are found below $100 at   $75 and $64.

LTC/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum rebounded off last week’s lows as altcoins experienced buying amid the BTC correction. While the long-term picture remains encouraging and the coin should outperform BTC, we expect the correction to continue in ETH with a possible test of the $380 and $350 levels in the coming weeks.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash moved higher together with the other major altcoins after reaching a slightly oversold short-term state, and it is back to the $750 level, although the previous uptrend is clearly broken, and long-term the coin remains overbought. We still expect a move below the $600 level soon, with further support found at $500, $470, and near $410, but following the correction, the prospects for the coin remain bullish.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple continues to trade in a broad long-term range, without a dominant short-term trend, and the focus remains on the $0.2250 and $0.26 support/resistance levels. While the coin is still on a buy signal regarding the long-term setup, more volatile moves are expected as the segment-wide correction runs its course. Further support levels are found just below $0.20 and at $0.18, while crucial resistance is ahead at between $0.30 and $0.32.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic re-tested the previous all-time high at $23 as we expected, before entering an oversold bounce amid the Bitcoin pull-back. The coin remains overbought from a long-term perspective and a move below $23 is likely in the coming period, with further support found at $18 and resistance ahead at $30, and at the all-time high near $32.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero showed relative strength yet again amid yesterday’s altcoin correction and although it failed to move back to the recent all-time high like Litecoin, the short-term uptrend is still intact. That said, we expect a deep correction following the recent huge rally, and investors should wait for more favorable conditions to add to their holdings. Key support levels are still found at $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO’s technical setup remained basically unchanged amid the wild moves in BTC as the broad trading range remained intact despite the brief volatile spikes. The coin remains encouraging regarding the long-term setup, but for now the $34 and $40 levels are in the center of attention, even as we expect a move towards the all-time high after a possibly volatile period. Support levels below $34 are found at $30 and $27.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA broke below the steepest uptrend line of its recent exponential move, and despite today’s bounce, a deep pull back seems likely in the coming period, with strong support levels at $3, $1.5 and $1.1. The long-term momentum indicators still show extremely overbought levels, and volatile conditions will likely persist.

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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

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

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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 Tests $13,000 as Hectic Correction Continues

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The cryptocurrency segment remained generally bearish in the middle of the week, as the Ripple and Bitcoin-led move spread to almost all of the majors, with even the recent leader Ethereum getting hit today.

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As BTC got smashed below the dominant rising trendline, a wave of selling pushed the coin under the key $13,000 level before a violent bounce started. Despite the bounce, the long-term picture remains negative, and we still expect a test of the correction low near $11,300 in the coming weeks, with a likely dip below $10,000 before the end of the current cycle. Further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple got very close to the key support level at $1.50 today in early trading, and after the sell signal six days ago, the coin is nearing a neutral short-term signal in our trend model, and a more durable bounce is possible here. That said, the long-term picture remains bearish and further corrective price action is likely before the end of the current cycle. Despite the likely consolidation, long-term investors could already accumulate new positions on the short-term sell-offs near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum’s rally topped out near $1350 for now, and given the now severely overbought long-term picture we expect the short-term trend to end in the coming days. With that in mind, although traders could still enter small positions near the trendline, correction risk is now high, and investors should wait for a deeper move lower before entering new positions. Key support levels below $1000 are still found at $850, $740, $625, and near $575.

ETH/USD, 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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13 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 5 (13 votes, average: 4.08 out of 5)
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