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Technical Analysis: Litecoin Continues Surge as Bitcoin Tests Highs

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With the crypto world being focused on the historical futures launch, the major coins all enjoyed buying following a hectic weekend, and a volatile week as a whole. BTC itself got another boost from the widespread publicity and the volatile correction of the recent days ended, with the most valuable coin bouncing back towards its all-time high.

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While the long-term picture remains severely overbought, the short-term picture is not stretched and further gains are possible even amid the elevated correction risk. That said, investors should wait for a more favorable entry point to ad dot their holdings, while traders should control position sizes in the light of the long-term setup. Major support levels are now near $13,000, $11,300, and $10,000, with stronger levels still at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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The major altcoins are all up today, but only Monero and Litecoin are still within short-term uptrends, and the segment as a whole is still dangerously overextended, and a deeper correction is very likely in the coming weeks. LTC continued its recent break-out, getting close to the $200 level, and joining the extremely overbought group regarding the long-term momentum, and triggering a long-term sell signal in our trend model. Key support levels are found $100 at $75 and $64, with a weaker primary level at $125.

LTC/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a broad range between $400 and $480 since spiking to $500 at the end of November, and the short-term momentum is still neutral, as the coin didn’t participate in last week’s frenzy. The long-term picture is less stretched than in the case of most majors, and we expect the coin to outperform during the next correction. Key support levels are still found below $400 at $380 and $350.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is bouncing higher together with the market, although the short-term uptrend is broken, and given the stretched long-term picture, the coin remains prone for a deeper correction. A move below $600 is expected soon, and we still advise investors to wait for a more favorable risk/reward ratio. Further support levels are found at $500, $470, and near $410, with resistance ahead near $800.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is still trading with a focus on the major support/resistance levels at $0.2250 and $0.26, while the coin remains relatively weak from an investment perspective, still being stuck well below the May highs. While the long-term setup is still encouraging, we expect further volatile range trading as the next correction unfolds in the segment. Further support levels are found at $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 exited its steep short-term uptrend recently and with the extremely overbought long-term picture in mind, we expect a deeper correction, below the $23 level in the coming period. The short-term momentum is back to neutral but traders and investors should wait with opening new positions. Support is found below $23 at $18 while resistance is ahead at $30 and $32.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is the only major in a clear short-term uptrend besides LTC and BTC and although the long-term momentum is still extremely stretched short-term gains are still possible. That said, investors should wait for a more favorable setup before adding to their holdings, with support levels at $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still trading in a broad consolidation pattern, while being neutral regarding the long-term picture. The $34 support/resistance level remains in focus, with key levels at $30 and around $40. With the long-term setup still being encouraging, we expect a rally towards the $50 level and the all-time high after a likely correction in the segment, and investors could use the short-term downswings to add to their holdings.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is stuck below the short-term trendline after the recent stellar rally, showing relative weakness, and we still expect a deep correction in the coin in the coming weeks. Strong support is only found at $3 and $1.5, with potential Fibonacci support at $2.35.

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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10 Comments

10 Comments

  1. MinerMatt17

    December 11, 2017 at 11:22 pm

    Good thing I sold when it hit 9,500 and you said it was going to correct…. I am not going to hold my breath for this massive correction. I think the analysis has to take into account he millions of new users that have gotten into the space in the last few weeks, and the amount of money starting to come in from institutional investors.

  2. saxonlucius

    December 11, 2017 at 11:47 pm

    I completely expected Litecoin to go up up and away…. I don’t believe its going to come back down either. Dash completely exceeded my expectations and it is staying very strong. I think that we are in a period in which everything is going to go up. I’m fairly sure Litecoin is going to continue on its upward trend, and as you have already mentioned, ZCash is more than likely on its way up. Monero doesn’t look like its going to come down. The last comment by MinerMatt, hit the nail on the head. The influx of people is driving up the prices to new levels. Bitcoin simply appears out of reach for most people when they see $15,000 for 1 Bitcoin, but Litecoin at $150 or $200 is more reasonable. I think we are only seeing the tip of the iceberg at the tail end of 2017. 2018 is more than likely going to blow everyone anyway. The influx of new people remains very small in comparison to what will happen in 2018.

  3. CoinWhale

    December 12, 2017 at 1:07 am

    I was thinking the very same thing. Trying to wait to buy at corrections may not be a strategy that we can keep using like we have in the past.

  4. Chris G

    December 12, 2017 at 1:11 am

    From Mates perspective it’s crazy for him not to encourage caution from technical analysis – but HODL does seem like a philosophy that works. My first trade under Mate’s advice, was litecoin at $29 – it just surged to $225

  5. Chris G

    December 12, 2017 at 1:17 am

    So pretty much xrp long term

    • saxonlucius

      December 12, 2017 at 3:42 pm

      Ripple will never soar like the others. Ripple is a different animal all together. All the Ripple ever, are already allocated. The creator of Ripple holds more than half of the Ripple, so even though he may not flood the market with Ripple to get rich quick, it’s always a possibility and Ripple is just not mined like the rest. Its built on a different philosophy. It may go higher, but not like Litecoin and the others.

    • saxonlucius

      December 12, 2017 at 3:43 pm

      Long term, I would say EOS. EOS is not talked about enough here. Steller is and it’s the precursor to EOS.

    • Chris G

      December 13, 2017 at 1:36 am

      *cough* never say never boys …

  6. DeadDuckWalking

    December 12, 2017 at 3:04 pm

    All the advices we got to sell BTC at 3k, 4k and look where we are now. The technical analysis is not working in Crypto’s current state. It might when the market gets more mature. For now I stick to my own advice and HODL. This market is almost impossible to time, so you lose more with short term trading than just buy and ride it out.

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(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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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

(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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Analysis

Music: One Overlooked Use Case

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So far in this year, Ethereum has been the crypto star appreciating over 80% to a recent record of $1402. All this suggests that more and more applications are being created. We know this by the demand for Ether, the gas that drives the Ethereum network.

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The reason behind the explosion of Ether demand was confirmed by Ethereum co founder Steven Nerayoff in a CNBC interview where he claimed the number of Ethereum projects today is more than 10 times year ago levels.

One of those areas is the music business and there are several names appearing on the ICO list to add to your research agenda.

Why The Music Business Needs Help

Music may live forever but the business side has been in trouble for a long while. Over the last decade there have been only three years when the global value of music sales increased. The combination of digital music and outright pirating through peer-to-peer sharing has much to do with the long-term trend.

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Throughout the world there are 69 copyright and royalty societies given the responsibility of documenting, collecting and distributing music royalties. That means collecting a few pennies whenever a song is played on the radio, Internet or anywhere else. Four of the largest of these is in the US, followed by Japan, Germany and Britain. Their operations are truly byzantine.

Experts in the music-publishing field confirm the time between music usage and royalty payment can run close to 24 months. Even then not all royalties are distributed. According to my sources, there are often millions of dollars collected by royalty authorities everywhere that never make it to the entitled recipients. That sort of practice borders on criminal behavior but copyright and royalty societies operate in a sub-rosa manner making it difficult to understand their policies.

In the past just 4 major record labels controlled over 80% of the industry. These giants could afford a full time legal department to pursue royalty issues dominated the music industry. Today, however, independent labels represent almost one-third of the market. This means less democracy in the business with the young independent artist at a particular disadvantage.

Of course, musicians aren’t the only group of artists loosing out on their pay. There are writers, poets and painters that go largely unprotected.

The music business is just easier to track because it has more data. Yet in spite of all the information, the music industry is widely recognized for its lack of transparency. Blockchain technology has the ability to disrupt long-standing industry practices.

ICOs To The Rescue

The number of Ethereum based white knights is starting to appear on the horizon promising to rattle the industry and hopefully restore some democracy on behalf of the independent artist.

One simple business model comes from a startup SingularDTV who is attempting to build their ecosystem on top of Ethereum. Here is the basic value added proposal.

SingularDTV tokenizes the artist work. In doing so the artist is turning their music into a financial asset. Anyone who buys into an artist’s token owns a share of the creation and its income stream. The more people consume an artist creation, the higher goes the token price.

Only time will show if SingularDTV succeeds with this model. The consequence of this model is how it eliminates many of the middlemen and nefarious influences in the industry. Instead of singing on a street corner for bread, an artist could raise money upfront without relying on an advance from a record label.

According to SingularDTV, distributing content via blockchain would allow artists to skirt streaming platforms like Spotify to earn royalties on their own terms. Now that is true democracy.

SingularDTV may stand out a bit in the news due its recent ICO success in raising $8 million but they aren’t the only player in the music game. Names like Voise recently raised $1 million as well as Soundchain, Blokur and Opus to name a few.

I am no longer a registered investment advisor, which means I don’t go around making investment recommendations. So I will only suggest this group to put on your list of late night reading. Next time, I will take a closer look at more of these names.

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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