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Technical Analysis: Majors Consolidate Gains as Altcoins Still Mixed

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The cryptocurrency segment experienced a late-day selloff today, as traditional markets were focused on the Fed’s rate decision, but the largest coins are holding on to most of their weekly gains, despite the pullback.

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While the central bank’s move didn’t have a major impact on cryptos, and the BTC-led upswing is still intact, Bitcoin stalled right at the upper boundary of the key $9000-$9200 resistance zone, while Ethereum and Ripple continued to lag the broader market.

Despite the mixed signals, given the encouraging long-term setups, we remain positive on the segment from an investment perspective, and for now, the short-term outlook is also bullish.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin itself pulled back below the key resistance zone today in late trading, but the short-term trend remains positive and another test of broad declining trendline still looks likely in the coming weeks. The next major resistance zone is at $10,000, with the dominant trendline just above that level. The hold term support level at $8400 should hold up to keep the buy signal intact, with further support found near the $7650 level.

ETH/USD, 4-Hour Chart Analysis

While Ethereum managed to rally back up to the short-term declining trendline, it couldn’t break-out from the pattern yet, so the coin remains only neutral from a short-term perspective, while still being on a buy signal for long-term investors. The currency is trading in the support/resistance zone near $575 that corresponds with the February low, while further resistance is ahead at $625, $640 and between $740 and $780, with support at $500.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is trading near the lower boundary of the $170-$180 support/resistance zone, with the upper lin of the corrective declining trend channel getting closer. The coin is still relatively strong from a technical standpoint and the pullback has been shallow so far, leaving the buy signals intact. Further resistance is ahead at $200 while support is at $150 and $140.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is trading right at the key short-term $435 level, still clearly in the declining trend channel, with no meaningful relative strength shown by the coin. While the currency is on buy signals in both time-frames, it’s still lagging the leaders of the rally, and short-term traders should expect more volatile trading before a clear break-out.  Strong resistance is ahead at $500, with support at $400 and near $375.

Ripple

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to hover around the key $0.68 level, showing relative weakness against all of the majors while still being on a neutral short-term signal. Traders still shouldn’t enter new positions here, while investors could add to their holdings. Short-term support is at $0.63, with a strong level at $0.58, and resistance ahead at $0.85 and $1.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

The short-term momentum indicators are signaling a pullback in the coin that bounced by 50% off the weekend low, with the $20 level being in the center of attention today. ETC is still oversold from a long-term perspective, and investors could still add to their holdings on the short-term dips, with strong resistance ahead at $23 and $2, and support found at $18 and near $16.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero got close to the key $240 level as the coin built up relative strength during the bounce off the weekend low, and it is still in a strong long-term setup despite the recent downswing. The coin faces further resistance at $280 and $300, with short-term support at $215, and stronger levels at $200 and near $175 and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO almost reached the $80 resistance during today’s early rally before pulling back together with the broader market and shedding close to 10% off the intraday high. That said, the short- and long-term buy signals remain intact, as the coin is trading well above the prior downtrend line. Strong support is at $64 and $50, while resistance is ahead above $80 at $100 and between $120 and $130.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA breached the $1.50 resistance, being among the strongest majors in the current rally, and the coin is trading similarly to ETC, in a short-term pullback after the surge, as both the outlook is bullish on both time-frames. The coin is just below the dominant declining trendline and a break-out is likely in the coming weeks, with the next major resistance level ahead at $1.9, while support is at $1.2, $1.1, and $1.

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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

Crypto Update: Ethereum Tops $550 as Altcoins Hit New Rally Highs

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The major coins are having another bullish day after a consolidation period with all of the top 10 cryptocurrencies sporting meaningful gains. Altcoins are leading the charge higher, as the switch in relative strength that we pointed out several times seems to be a lasting phenomenon, with the ETH/BTC pair confirming a short-term uptrend.

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BTC/USD, 4-Hour Chart Analysis

Bitcoin is also up today, but while the majority of altcoins are trading on new rally highs, BTC is stuck below the prior swing high at $8400, which is also a previously established resistance level. The dominant declining trendline is also in that area, and that strong zone could hold back the largest coin for a longer period. A breakout would confirm a new rising short-term trend, with the next major resistance zone ahead between $9000 and $9200.

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ETH/USD, 4-Hour Chart Analysis

Ethereum is among the strongest coins short-term, and with smaller cap altcoins also joining the rally, the whole segment could be ready for a move higher. That said, the broader declining trend is still intact with the coin trading in a strong resistance zone between $555 and $575. A new short-term uptrend is now confirmed but with the declining trendline just ahead, the coin could be in for volatile swings in the coming days. The next target zone is at $625, while support is found at $500 and $450.

Broad Altcoin Rally Lifts All Ships

XRP/USD, 4-Hour Chart Analysis

Ripple, which was among the weakest majors for a prolonged period is one of the leaders today, climbing above $0.75, and eyeing the next major level at $0.84, with tbe coin already being above the previously dominant declining trendline.

On a slightly negative note, correlations are still high between the majors, but there are standout performers despite the concerted rally. Among the long-term leaders, Litecoin is trading near $150, while Monero added to yesterday’s gains, and it’s testing the $240 resistance as we speak.

The early leaders of the rally are slightly lagging in the current short-term swing, but that is likely a sign of rotation, as the likes of EOS, NEO, and IOTA are also higher today, while holding up wrll above the correction lows.

With all of the majors on buy signals in our trend model, we expect the rally to continue even as strong resistance zones are ahead and the road will likely be bumpy after the steep and lengthy downswing.

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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4.5 stars on average, based on 225 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

Rally Fades in Stocks as Apple Weighs on Nasdaq

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We warned yesterday that stock markets got vulnerable as the major US indices reached short-term overbought readings, and after a choppy Wednesday session, equities turned lower today in early trading. Apple fell by more than 2% in early trading on a supplier report regarding declining orders from the smartphone giant, and the sliding stock dragged the tech segment lower.

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S&P 500 Futures, 4-Hour Chart Analysis

While the short-term technical picture deteriorated, the losses are muted so far, and the rising short-term trendlines are holding up. Volatility ticked higher, with the VIX bouncing off its two-month lows, but the index is well below the levels seen in the beginning of the month, as Syria-related fears continued to ease and the Chinese-US trade spat also took the back seat in the mainstream media.

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DAX, 4-Hour Chart Analysis

Stocks finished broadly lower in Europe, while Asian equities reversed their early gains, with trading volumes still being low across the board. The economic calendar was almost empty today, with only the much worse than expected British retail sales figure adding to the string of negative surprises coming out form the UK this week. In the US, the Philly Fed index came in higher than expected, while weekly jobless claims were in line with expectations.

Dollar Stable as Short Yields Hit New Highs

2-Year Treasury Yields, 4-Hour Chart Analysis

Treasury yields resumed their rise in the quiet environment, and as the short end of the curve continues to outperform the flattening of the yield curve continues in earnest. While forex markets are still mostly flat, the Dollar is drifting higher against most of its peers in US trading.

AUD/USD, 4-Hour Chart Analysis

Commodity-related currencies are little changed, although both the Aussie and the Canadian Dollar are off their recent highs, and should they roll over, the bullish case would receive another hit.  Despite the weakening of the risk rally, crude oil continues to hit multi-year highs, with the WTI contract getting close to the $70 per dollar level today. Gold fell back below $1350, as the choppy consolidation pattern is still intact, and the slight risk-off shift wasn’t enough to trigger meaningful safe-haven flows.

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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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4.5 stars on average, based on 225 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

More Chance to Go Up for Litecoin

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Litecoin short term outlook is quite positive, while in a longer term, it’s somewhat mixed. Shortly, the digital coin may face a very strong resistance at $141, being currently priced at $140. As Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says, Litecoin already tried to test this level earlier this week, but did not succeed.

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In the mid-term Litecoin is trying to break out the current range, and in case it finally manages to break out $141 and stay above, it may go up to $168. Before reaching this target, however, another downtrend may be formed, with Litecoin plunging to the support at $114 again. If the bears succeed in breaking out this level, too, another sell-off target will be at $87.

Current outlook, however, is mostly positive, with the key support being at $114 and the key resistances at $141 and $168. The MACD on D1 is in its negatives, but is going up, issuing a buy signal, while the Stochastic is in the positive area and confirms its buy signal, already issued some time ago.

Fundamentally, Litecoin has got much support this week. The market started buying out the coin once the news on the token being listed at Korbit appeared. As the recent reports say, the crypto started being traded on Korbit yesterday, while withdrawal should be available starting today, Apr 19. This is important for Litecoin: first, Korbit is one of the oldest and most reliable exchanges in Korea; second, as we have already stated a few times, if the crypto becomes widespread across multiple exchanges, its liquidity gets boosted, while the accessibility simplifies the transaction processes.

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Korbit decided to hold a contest, with the top 6 LTC/KRW traders getting prizes in Litecoin (the winner gets LTC 50, the runner-up will walk away with LTC 25). Meanwhile, Litecoin being available on Korbit also helped the crypto to rise on Bitfinex.

Currently, Litecoin is one of the most volatile currencies, mostly because of it always being in the news, which does good to its promotion. As such, it was announced a few days ago that LTC would be used as a payment method, and TenX already started developing a prepaid card for that purpose.

By: Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer
Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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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5 stars on average, based on 1 rated postsI have two degrees in Social Psychology and Economy. After graduation I worked as the Head of the Laboratory of Technical and Fundamental Analysis of Financial Markets at The International Institute for Applied Systems Analysis. The experience and skills he gained helped me to realize my potential as an analyst-trader and a portfolio manager in an investment company. At the moment I'm a financial expert, writing for various financial media sources and a Chief Analyst at RoboMarkets.




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