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Technical Analysis: IOTA Surges as Bitcoin Tops $7200 Again

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Altcoins continued to shine in the last couple of days, but for a change, Bitcoin rallied together with the other majors, as the Bitcoin Cash chaos of the weekend fizzled out although the BTC and BCH still trade with high volumes.

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The best performing major is IOTA today, as the explosive break-out in the coin reached its next phase, easing through the $0.64 resistance and heading towards the next target at $0.75 with both the long- and short-term picture remaining positive. That said, long-term investors shouldn’t enter new positions here, as the currency is close to being overbought after the more than 100% rally. Support levels below $0.64 are found at $0.56 and in the $0.45-$0.48 zone.

IOTA/USD, 4-Hour Chart Analysis

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The other major altcoins are almost all positive today, with the exception of Dash and Monero, as both coins are in short-term corrections after their break-out. NEO is virtually unchanged, while Ethereum, Ethereum Classic, Litecoin, and Ripple are all slightly higher today. As the total value of the market is drifting higher despite the recent turmoil more bullish moves are likely among altcoins. Let’s see the detailed short-term picture.

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin rose above the crucial $6700 and $7000 resistance levels today, and It breached the previously rising short-term trend, showing surprising strength in the face of the negative outlook on the daily chart. Despite the advance, we still expect the correction to continue after the previous stellar rally with a drop to the $5000-$5400 zone.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is testing the $330-$350 resistance zone, as it remains within the advancing long-term trend, still showing stability in the volatile segment. The coin is expected to hit $380 soon, with the prior all-time near $400 being the next target ahead. Below $330 support is found at $315 and $300.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin continued to track the moves in Ethereum in the last couple of days, and it reached the $64 level yet again. The coin is still within the short-term consolidation pattern, trading in the range between the key $56 and $64 levels. The short-term MACD is back to neutral territory, and we expect a move towards the targets at $75 and $82.50 on the coming week.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash trades in a short-term correction pattern since the explosive break-out and pull-back of the weekend, with the prior all-time high near $400 still being in the center of attention. The coin remains bullish on all time-frames and another leg higher above $500 is likely in the coming weeks. Support below $400 is found at $360, and near the $330 level.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple remains one of the least active coins, still trading near the $0.20 level, with no significant momentum in either direction. The long-term outlook is still positive, but traders should wait for a bullish move above the resistance zone near $0.2250 level before entering new positions. Support below $0.20 is still found at $0.18 and $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic remains stuck in a volatile short-term correction since topping the $20 level during the recent leg higher, and the short-term setup is still neutral, despite the rising trend. We expect further consolidation before another move, but a test of the $23 level is still likely in the current cycle, with support levels at $16 and $14.50.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is also in a short-term correction pattern, as the rising trend remains intact but more sideways price action is likely before the next major move. We still expect a test of the all-time high near $150, as the long-term picture is not yet overbought. Key support below the current price level is found at $100, the upper boundary of the previous lengthy trading range.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO recovered well from a period of relative weakness, but despite the bullish long-term outlook, the coin remains stuck below the key $30 level, and traders should still wait for a break-out before entering new positions. Targets are still ahead at $34 and $40, while key support levels are found at $27 and $25, and momentum remains neutral on all time-frames.

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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.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary 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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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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