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Analysis

Technical Analysis: Crypto-Surge Continues with ETC, Monero, and Ripple Leading the Charge

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The historic rally in the cryptocurrency reached even higher today, with Bitcoin getting even closer to the $10,000 mark and some altcoins experiencing another day of lofty gains. Although today’s rise is not as broad as the rally of the recent days, the segment hit another all-time high regarding capitalization above the $310 billion mark, with BTC adding the most in market value again.

The last major coin on a short- and long-term buy signal, Ripple, finally joined the party, as it surged past the $0.26 resistance and it’s now headed towards $0.30 after a lengthy period of relative weakness. The coin is still yet to turn overbought, and a rally past the long-standing resistance zone between $0.30 and $0.32 is now possible in the coming days, although the majority of the market is now ripe for a deep correction.

XRP/USDT, 4-Hour Chart Analysis

Ethereum Classic scored the largest percentage gains today, and that triggered a short-term sell signal, so now we advise investors and traders to only keep their core holdings and wait for the next deeper correction to open new positions. Trailing stops are ideal for exiting trades during such break-outs, with the first major support zone only found at $23.

ETC/USD, 4-Hour Chart Analysis

Litecoin and Monero also gained further ground today, as the positive short-term signals remain active, while Ethereum continued to consolidate near our primary target at $475. IOTA hit a record high above the $1.1 level, despite its already overbought state, while Dash and NEO drifted slightly lower. Let’s see how the short-term setups of the majors.

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin is grinding higher today, with all eyes on the historic $10,000 mark, as public interest is at an unprecedented level towards the cryptocurrency. We expect a deep correction soon in the coin, as it remains severely overbought on all-time frames, with key support levels are still found at $7700, $7000, and $6700. That said, a short-term move above $10,000 is likely, as the uptrend is still intact.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade right at the $475 level, but it failed to launch an advance above the $500 mark so far, despite the broad rally in the segment. The short-term momentum is almost in neutral territory thanks to the consolidation, and another leg higher above the historic price level, towards the target at $545 is likely in the current cycle. Key support levels are still found at $400, $380, and $350.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin got even closer to its all-time high and the $100 level today, and the coin is likely to test both in the coming period, although a broad correction could drag LTC lower as well. Long-term investors should already be reducing their positions here, but traders should still play the rising trend, with support levels at $82.50, $75, and $64.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash remained relatively weak regarding the short-term picture after hitting out our final target for its break-out, with the $600-$625 zone still being in the center of attention. As the coin remains severely overbought regarding the long-term momentum, investors shouldn’t open new positions here. That said, with the short-term MACD almost back in neutral territory, and the uptrend still being intact, another push to new highs is possible.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero hit our next target at $180 today, with double-digit gains, and although the short-term trend remains intact, investors should continue to reduce their positions on the way up. We still expect a move to the $200 level, with strong support found at $150 and $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO showed relative weakness today after yesterday’s bounce, but the long-term picture remains encouraging, as the coin is still not overbought. We still expect a move towards the $50 level, although the risk of a broad correction in the segment is rising, while strong support is found at $34 and $30.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA surged past the previous all-time high at $1.1 amid the euphoric sentiment, but the coin remains extremely stretched regarding the long-term momentum, and now the short-term risk/reward ratio is also unfavorable. Investors and traders should now wait for the next deeper correction before entering new positions. Support below $1.1 is found at $1, $0.75, $0.64, and $0.56.

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 394 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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6 Comments

6 Comments

  1. Brentc

    November 28, 2017 at 10:17 pm

    Where can I get these alt coins in USA rather than Coinbase?
    Thanks

  2. Chris G

    November 28, 2017 at 11:16 pm

    thanks Mate – your perspective is always appreciated …

  3. akshayable

    November 29, 2017 at 8:34 am

    i entered etc at $33. Should i sell at a loss and buy again at a lower level or should i wait and price should come to 33$ again.

  4. Chris G

    November 29, 2017 at 4:59 pm

    this is starting to get crazy – good call on ETH, yet again

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Analysis

Pre-Market Analysis And Chartbook: Brexit Chaos Sparks Turmoil Across Markets

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Thursday Market Snapshot

Asset Current Value Daily Change
S&P 500 2,685 -0.63%
DAX 30 11,360 -0.47%
WTI Crude Oil 56.40 0.71%
GOLD 1,215 0.31%
Bitcoin 5,389 -3.72%
EUR/USD 1.1302 -0.04%

The Brexit process continues to be the main driver in financial markets across asset classes, and the situation in the UK could be best described as chaotic at the moment. While yesterday the British Cabinet’s approval of the draft Brexit plan sparked a brief risk rally, with the Euro the Pound and equities rising hand-in-hand, today, the plan is in serious jeopardy. Several ministers, including the Brexit-Secretary resigned, and the outcome of vote in the Parliament seems doubtful, at best.

GBP/USD, 4-Hour Chart Analysis

The Pound lost significant ground against all of its peers, with the currency’s losses also being exaggerated by the much worse than expected British Retail Sales data. The GBP/USD pair hit its lowest level this month, touching the 1.2750, while the Euro is relatively strong today, the Dollar’s broad rally still seems intact, and a no-deal Brexit could push the Cable back towards its historic low near 1.20 from late 2016.

Dow 30 Futures, 4-Hour Chart Analysis

While equities are little changed so far today, the charts still look wounded globally and even the relatively strong US benchmarks are likely headed for, at least, a test of their lows from October. Economic numbers were mixed today in the US, with the Retail Sales report beating the consensus estimates across the board, but with the Philly Fed Index showing an unexpected slowdown in the manufacturing sector.

The Dow, which has been the strongest benchmark recently is hovering near the 25,000 level, after underperforming the broader market yesterday, and with the other indices being in even worse technical shape, the coming days could see another surge in volatility, despite the pullback in Treasury yields across the curve.

Heavy Trading Continues in Commodities

WTI Crude Oil, 4-Hour Chart Analysis

Oil finally found support following two months of steep losses and Tuesday’s liquidation event, with the WTI contract rising above the $57 per barrel level yesterday, before a late-day pullback. Today the crucial commodity is performing relatively well in the nervous environment, and although bulls are still not out of the woods, we still expect a bounce above $60 in the coming week.

We will still have the weekly US crude inventory data coming out during the morning session on Wall Street, and volatile trading will likely continue in the throughout the day, with the $54.50 short-term support level and the $57.50 resistance level being in the center of attention.

Gold Futures, 4-Hour Chart Analysis

Gold is also having an interesting session so far, as it is testing the short-term resistance zone near $1215 due to the Brexit uncertainty and the pullback in yields. The precious metal is still well below the consolidation pattern that developed in October, and it would need to rise above $1220 to trigger a short-term trend change, but should risk assets continue their downtrend, gold could quickly rally as high as $1250.

ChartBook

Major Stock Indices

S&P 500 Futures, 4-Hour Chart Analysis

Nasdaq 100 Futures, 4-Hour Chart Analysis

VIX (US Volatility Index), 4-Hour Chart Analysis

DAX 30 Index CFD, 4-Hour Chart Analysis

FTSE 100 Index CFD, 4-Hour Chart Analysis

EuroStoxx50 Index CFD, 4-Hour Chart Analysis

Nikkei 225 Futures, 4-Hour Chart Analysis

Shanghai Composite Index CFD, 4-Hour Chart Analysis

EEM (Emerging Markets ETF), 4-Hour Chart Analysis

Forex

EUR/USD, 4-Hour Chart Analysis

USD/JPY, 4-Hour Chart Analysis

EUR/GBP, 4-Hour Chart Analysis

AUD/USD, 4-Hour Chart Analysis

Commodities

Copper Futures, 4-Hour Chart Analysis

Featured image from 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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4.7 stars on average, based on 394 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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Analysis

Long-Term Cryptocurrency Analysis: Bear Market Continues With Major Technical Breakdown

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After months of choppy consolidation, yesterday, we saw the largest move in the cryptocurrency segment since April, which took the majors below key technical levels. Bitcoin’s drop is the most important event, since the most valuable coin violated a structurally important base support for the first time since its historic bull run to $20,000 started.

As we warned repeatedly, the market didn’t show signs of healing during the sideways drift, since no leadership developed, and the coins failed to show follow-through following the, sometimes explosive rally attempts, so our trend model remained overwhelmingly bearish throughout the consolidation.

The top altcoins completed their structural breakdowns well ahead of BTC, and the stability of Bitcoin was the most encouraging sign for crypto-bulls, so now, the broad selloff confirmed the next lower in the bear market.

BTC/USD, Daily Chart Analysis

After violating the primary support at $6275, Bitcoin’s selloff accelerated below the weaker $6000 level and the key zone near $5850 wasn’t enough to support the coin. The structural breakdown will likely lead to a test of the $5000-$5100 zone, while an unlikely recovery would be a very positive development. Primary resistance is now ahead near $5850, while further major support zones are found near $4500 and $3600, and traders and investors still shouldn’t enter new positions here.

ETH/USD, Daily Chart Analysis

Ethereum fell to a marginal new bear market low, outperforming Bitcoin from a short-term technical perspective, but that’s not enough to warrant optimism with regards to the long-term setup. ETH is still in a clear long-term downtrend despite the lengthy consolidation phase, and a test of the $160 level is likely in the coming period.

The coin is still on sell signals on both time-frames in our trend model, and traders and investors should stay away from new positions, with further support found near $130 and with resistance levels ahead near $200 and $235.

(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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4.7 stars on average, based on 394 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

XRP Price Analysis: XRP/USD Performing Better than Peers; Another New Partner Announced

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  • Ripple’s XRP weighted to the downside, but not performing as bad as some of its peers.
  • CIMB Group are the latest financial organisation to be utilizing Ripple’s technology.

XRP/USD has been firmly on the back foot during trading over the last two sessions now. Selling pressure had hit the whole market on 13th November. This went on to further intensify in the following session, 14th November. A total blood bath was observed across the board, with huge areas of support being breached. The wave hit the entire market. Ripple’s XRP has managed to hold a firmer ground, in comparison to some of the losses encountered with its peers.

Ripple Reveals New Partner – CIMB

CIMB Group, one of the largest south Asian banking organizations, are the latest to be utilize Ripple’s technology. CIMB will leverage Ripple’s technology for its SpeedSend remittance product, this coming from a joint press release. The SpeedSend product is available in a spectrum of Southeast Asian markets. Countries include: Thailand, Philippines and Vietnam. Ripple continue at a rapid pace adding large financial institutions to its network.

Ripple via their announcement stated the following: “Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”

Technical Review – XRP/USD

XRP/USD daily chart

XRP/USD is running at three consecutive sessions in the red, nursing chunky double-digit losses over this period. The price dropped over 20%, a move that was very much in line with the rest of the cryptocurrency market. Price action had been moving within a triangular pattern formation, since 21st September. Thie XRP price observed much narrowing over this period. During the heavy selling pressure on 14th November, the bears had pierced the lower support of the mentioned pattern.

Despite the large lower wick seen on 14th November candlestick, the price managed to close within boundaries of the triangular formation. In terms of current price action on the latest for today, XRP/USD is seen below this area of support. Should the market bears manage to push for a breach and daily close underneath the supporting trend line, this could cause large devastation. Eyes could be on a return to the $0.3000-$0.2500 region. Lastly, worth noting, looking to the upside, the resistance would likely be seen around $0.4800, and this level is critical. This is where the lower trend line is seen tracking.

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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4.5 stars on average, based on 50 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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