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Technical Analysis: Market Settles Down as IOTA’s Surge Continues

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Bitcoin led the way for the segment throughout the weekend, as trading remained volatile although the size of the ranges declined substantially. BTC continues to trade near its all-time high above the $11,000 level, and the total value of the segment is also close to the records of the previous week, despite the spikes lower during the weekend.

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The most valuable coin’s market cap is close to $200 billion while the total value of the coins is just shy of $350 billion as of now. BTC is still relatively strong regarding the short-term performance, but the long-term picture remains extremely overbought, and we expect a deep correction in the coming weeks. With significant support levels still found at $9000, $8200, $7700, $7000, and $6700.

BTC/USD, 4-Hour Chart Analysis

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IOTA has seen a huge increase in trading activity following the announcement of a partnership with Microsoft, and as the rise in the other majors stalled out, while the coin almost doubled in two days despite the previous stellar rally. The coin far surpassed all targets during the move, and we expect a sharp correction in the coming period, with at least the re-test of the $1.50 level, although the fundamental outlook remains positive. Further support is found at the previous high near $1.10.

IOTA/USD, 4-Hour Chart Analysis

The rest of the major altcoins also had a positive weekend with a slight pull-back today, but the long-term picture remains dangerously overbought in most cases, with NEO, Ethereum, and Ripple being the exceptions. Let’s see the detailed short-term analysis for the most traded coins.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum slightly underperformed the broader market in recent days, as it failed to reach the previous highs near $500, but the long-term picture remains less stretched than the leaders of the rally. We still expect the coin to outperform in a coming correction, with strong support levels at $400, $380, and $350.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is trading near the $100 level and the all-time high, as the coin got stuck in a narrow range after the volatile correction and bounce. While the coin is clearly overbought regarding the long-term picture, and investors shouldn’t open new positions here, traders could still play a possible short-term move to new highs. Support levels are found at $75 and $64.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is consolidating still within in its steep short-term uptrend, just a few percent off its all-time high near $800. The coin is still expected to enter a deep correction soon, despite the strong investment prospect, and investors should wait for oversold momentum readings before adding to their holdings, with key support levels are found at just above $600, at $500, $470, and near $410.

Ripple

XRP/USD, 4-Hour Chart Analysis

The long-term technical picture is still unchanged in Ripple, as the lengthy trading range that has been dominating the market remains intact, and the coin is neutral on all time-frames despite the segment-wide volatility of the recent period. The currency faces strong resistance near $0.26 and $0.30, while [primary support is found around $0.2250, with further levels just below $0.20 and at $18.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic bounced back as far as the $30 level after the initial break-down to the prior high near $23, and although the long-term momentum is severely overbought the coin could challenge last week’s highs as the short-term picture is neutral again. That said, investors shouldn’t open new positions until the next major correction.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is trading right at our final target for the current cycle near the $200 level after the volatile correction, with the short-term uptrend still being intact. While the long-term picture is overbought, another push higher is possible towards the range-projection level at $240, but form an investment perspective the current setup is unfavorable. Major support levels are found at $180, $150, and $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO showed strength in recent days and it managed to climb back to the key $40 support/resistance level, helped by the broad rally among the majors. Te coin remains in an encouraging long-term setup, and a rally towards the $50 level and the all-time highs being likely, although a correction in the segment could cause more volatility in NEO. Crucial support levels are found at $34 and $30.

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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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