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Technical Analysis: Litecoin on the Move as Bitcoin Trades Near $7000

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Altcoins are in the center of attention today, both in positive and negative ways. Ethereum’s scary client bug caused a sell-off in the second largest coin in the second half of the session, while the rally in Litecoin, Dash, and IOTA kept traders excited beforehand, although Ethereum Classic entered a correction after its strong break-out, while Monero is still hovering around the crucial $100 resistance.

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Litecoin had a great session, as it surged past the $56 level and traded above the $60 price zone for the first time since mid-October. The technical picture remains bullish on the currency on all time-frames, with a likely test of the $64 level in the coming days, and with the next target at $75. Support below $56 is found at $53 and $51, with another key level near $44.

LTC/USD, 4-Hour Chart Analysis

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Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin briefly dipped below $7000 again today, but the coin bounced back above the key level, still not confirming the developing head and shoulders top. As the long-term picture remains severely overbought, we still urge investors to stay away from new positions, but the short-term picture is now more neutral after the recent correction. Below the initial support at $6700, key levels are found at $6000, $5800, $5400.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum remains in the long-standing trading range between $285 and $315, while also being just inside the long-term rising trend. The coin has been very stable in recent days before today’s sell-off, despite the volatility in Bitcoin, and the recent moves in other altcoins. That said the currency is still expected to move out of the current pattern in a bullish way, and test the $330-$350 zone, with a strong resistance also found at $380.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is one of the strongest coins today, as it is testing the declining trendline that dominated the lengthy correction since the end of August in the currency. The trendline is converging with the $300 resistance right now, and a move above that zone could trigger a quick rally towards $330 and $360, the next targets ahead. Support is found at $280 and $265, but we expect the long-term uptrend to resume.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple hasn’t reacted to today’s active trading conditions in altcoins, and it remained stuck in a range around the $0.2050 level, while also staying neutral regarding the short-term picture. The long-term is still bullish, with targets ahead near $0.2250, $0.26 and $0.30 and support found just below $0.20, near $0.18, and at $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic reached up to the $15 level yesterday, but the short-term picture got overbought, and that led to a pull-back in the strongest currency of the past few days. We expect another leg higher after a correction, testing the $16 and possibly the $18 resistance levels, while support is still found at around $13.50 and at $12.50.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero also showed strength this week, but for now, the zone around the $100 level stopped the advance, although the previous lengthy bullish consolidation period could point to a coming explosive move. Both the short- and long-term buy signals remain intact, with targets ahead at $125 and near the $150 level. Support is found at the bottom of the long-standing consolidation pattern near $80, with another strong level at $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is still trading between the crucial $25 and $27 levels, as it failed to join the altcoin rally so far, although the long-term setup still suggests a move above the $30 level in the coming weeks. That said, a durable move below $25 would be a bearish signal for traders, while investors could still add to their holdings at the current price levels.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is testing the upper boundary of the lengthy declining trend after holding up above the key $0.35 level, despite the brief spikes below that zone. The coin is close to a short-term buy signal thanks to the current strength, while long-term investors could still add to their positions here. Key resistance levels are ahead at $0.42 and between $0.45 and $0.48.

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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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