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Technical Analysis: Monero Jumps as Bitcoin Breaches Record High

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The cryptocurrency market continued to grind higher, thanks to a few standout performances, especially from Monero and IOTA, while Bitcoin has been struggling to gain momentum, although it scored a marginal new high today. With all that in mind, the market action still looks toppy and there are only a few coins that are not strongly overbought at this point.

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XMR joined the ranks of Dash, ETC, and BTC on a long-term sell signal after getting close to the range-extension price level at $240. The coin remains inside the short-term uptrend, but now we advise both traders and investors to stay away from the coin after the recent lofty gains. That said, the advance might still continue short-term, but the risk/reward ratio is now unfavorable. Support levels are found at $200, $180, and $150.

XMR/USD, 4-Hour Chart Analysis

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Bitcoin is trading just below its highs, inside a bearish rising wedge pattern that could signal a looming break-down after the marginal records of the previous sessions. While short-term gains are still possible here, the long-term picture remains dangerously stretched and correction risk is still very high, with key support levels at $8200, $7700, $7000, and $6700.

BTC/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to lag the leaders of the rally, but it still trades close to its recent all-time highs and well above the correction lows of last week. The coin is still less overbought from an investment perspective than some of its peers, and given the previous lengthy consolidation pattern, we expect the ETH token to outperform BTC in the coming period. Support levels are at $400, $380, and $350, while the $500 level is ahead as major resistance.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin’s rally stalled near the $100 level yet again, and the coin trades in a similar bearish pattern as Bitcoin, although it’s less stretched than its big brother. LTC is likely to follow the broader market in the case of a deeper correction and investors should wait for more favorable conditions before adding to their positions here, while traders could still trade the short-term uptrend with tight stops. Key support levels are still found at $75 and $64.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is virtually unchanged for days now as it still trades in a consolidation pattern after its stellar rally. The currency is severely overbought from a long-term perspective, as it blew through all our targets to hit an all-time high near $800. The coin is still inside a short-term uptrend, but we don’t expect durable gains before the next correction, with support levels near $600, at $500, $470, and around $410.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is showing relative weakness again, as it has been the case for quite a while now, but the long-term technical picture is still unchanged, with the broad trading range being intact. XRP is stuck between the key $0.2250 and $0.26 levels, and while the coin is still on a buy signal on all time-frames, volatile trading is expected if the segment enters a correction.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is just below the $30 level, after the violent correction and the subsequent surge last week. With the long-term momentum being extremely overbought, we expect more volatility in the coming weeks, with a likely dip below the previous high at $23, although short-term gains are still possible here.  Further support levels are found near $18 and $16, while resistance is ahead at the all-time high near $32.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO settled down near the key $40 level yet again, and the coin remains in an encouraging long-term setup, with a relatively low level of correlation with the other majors. That said, we expect volatility to pick up again soon, and although a move towards $50 and the all-time high near $56 is likely, a segment-wide correction could lead to another test of the $34 support.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA surged once again, as the Microsoft deal continued to fuel the coin’s incredible rally, and it hit yet another all-time high near the $3.50 level, for a 10-time increase since the late-October bottom. We still expect a deep correction and a test of the $1.50 level during the next bearish cycle, but the short-term uptrend remains clearly intact.

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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6 Comments

6 Comments

  1. gullyfoyle

    December 5, 2017 at 9:36 pm

    Hi Mate, when you say ‘the coming period’ what time frame are you referencing? Cheers.

    • ezra

      December 6, 2017 at 12:24 am

      Yes I also want to know what the coming

  2. rjoosterloo

    December 5, 2017 at 11:24 pm

    Even though you say that Monero jumps, there is no analysis. I am curious about that one as well.
    Thanks.

  3. rjoosterloo

    December 5, 2017 at 11:25 pm

    Ah it’s the first one. Sorry about that. I must be blind.

  4. zazeez

    December 5, 2017 at 11:30 pm

    Please cover BCH!

  5. Coolhandcanuck

    December 6, 2017 at 12:34 am

    Seems like many of the majors and “of” coins are taking their turns being pumped. What do you think about zcash…i am thinking that it’s day may be coming soon.

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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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