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Analysis

Technical Analysis: NEO Surges as Rally Continues but Risks Remain High

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The rally in the segment continued without a major disruption during the weekend, and despite the stretched long-term picture most of the majors are sporting gains today, as the market cleared another important hurdle, the $600 billion mark. The advance was boosted by another BTC futures launch, with several altcoins also adding significant value to the grand total.

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NEO has been among the top performing cryptocurrencies recently, and the coin surged past its previous all-time high as we expected, as bullish sentiment remained dominant. While the currency still has room to rise, as the long-term momentum indicators are not severely overbought, a likely broad correction among the coins could drag NEO lower as well. That said, the short-term picture is overbought and at least a consolidation is likely in the coming days, while the $100 level, that is the range projection target as well could be in sight before the end of the current cycle.

NEO/USDT, 4-Hour Chart Analysis

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Bitcoin continued to drift higher to new all-time highs, getting close to the $20,000 level yesterday, but the momentum of the move remained weak, and the short-term MACD indicator continues to show negative divergence. With the long-term picture being severely overbought, we still expect a major correction in the BTC market, and the first strong support level is only found at $13,000 after the exponential rally. Further levels are at $11,300, $10,000, $9000, while stronger levels are found near $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum pushed to new all-time high amid the broad rally, surpassing the range extension target for the break-out and getting close to the $800 level in the process. The prior steep short-term uptrend is now broken despite the bullish move, and given the stretched long-term picture. Key support levels are now found at $575, between $480 and $500, and near the prior all-time high at $400.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is testing last week’s all-time high today after spiking as low as $250 during the recent correction, and although the short-term uptrend is broken, and the long-term picture is among the most overbought in the segment, a push to new highs is still possible. Key support levels are found at $125 and $100, with weaker levels between $250 and $260 and at $170.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is trading in a similar short-term pattern to Ethereum, and the coin also hit a new all-time high above the $1000 price level. The currency is testing the lower boundary of its prior trend channel, and despite the bullish move of the previous days, it remains on a long-term sell signal, given the overbought momentum readings. Major support levels are now found at $800, $650, $600, $500, and near $410.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is trading in a short-term consolidation pattern after its break-out to new all-time highs. As the coin gave a long-term sell signal last week, we advise investors to wait until the next correction in the segment before adding to their positions, although traders could still play the current move with smaller positions. Major support levels are found at the prior high near $0.4250 and in the $0.30-$0.32 range, with a short-term level above those near $0.68.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is drifting higher along the lower boundary of its prior trend channel, defying the extremely overbought long-term momentum readings. Although further short-term gains are still possible, we expect a deep correction in the coming weeks, and investors should stay away from new positions here. Support levels are now found at $32. $30, $23 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continued to hit marginal new highs despite the momentum divergence, similarly to Bitcoin, while the short-term uptrend remained clearly intact. We still expect a deep correction in the coming period, with key levels now found at $300, $240, $200, $180, and $150.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA bounced higher within its broad consolidation pattern after clearing the extreme short-term overbought readings, with the help of the broad rally in the segment. Despite the bounce we expect the correction to continue, with as the long-term picture remains stretched, with strong support still only at $3 and $1.5, and potential Fibonacci support at $2.35.

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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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6 Comments

6 Comments

  1. MinerMatt17

    December 19, 2017 at 1:31 am

    This is like a broken record. New highs but the correction is coming…

    • douglash

      December 19, 2017 at 2:04 am

      I agree. While it’s probably a necessary reminder not to get to exuberant, at this point, they’re clearly missing something. I’d like to hear Hacked’s take on why the market isn’t correcting as TA would suggest. I feel something else is happening here with so much new money flowing into the market. I’d like to feel like Hacked has a better bead on the mechanics.

    • scottolson

      December 19, 2017 at 2:24 am

      The correction is always coming, Maybe It’ll take a 3-4 years or more to be reached.

      • MinerMatt17

        December 19, 2017 at 3:36 am

        That’s not a correction, that’s just economic cycles. You sound like the starks, of course winter/correction/recession/whatever is always coming.

        I don’t pay good money for someone to warn me 4 years before a correction….

  2. khaddafi

    December 19, 2017 at 6:22 am

    From my last experience we should start to worry about bloody delayed corrections coming when the btc price makes storming moves of 2k in short periods

  3. [email protected]

    December 19, 2017 at 12:09 pm

    Why don’t we buy gold when it drops to a dollar – that will be a great dip! Insert image of skeleton at keyboard covered in cobwebs

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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key 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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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

(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

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(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

Technical Analysis: Bitcoin Tests $13,000 as Hectic Correction Continues

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The cryptocurrency segment remained generally bearish in the middle of the week, as the Ripple and Bitcoin-led move spread to almost all of the majors, with even the recent leader Ethereum getting hit today.

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As BTC got smashed below the dominant rising trendline, a wave of selling pushed the coin under the key $13,000 level before a violent bounce started. Despite the bounce, the long-term picture remains negative, and we still expect a test of the correction low near $11,300 in the coming weeks, with a likely dip below $10,000 before the end of the current cycle. Further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple got very close to the key support level at $1.50 today in early trading, and after the sell signal six days ago, the coin is nearing a neutral short-term signal in our trend model, and a more durable bounce is possible here. That said, the long-term picture remains bearish and further corrective price action is likely before the end of the current cycle. Despite the likely consolidation, long-term investors could already accumulate new positions on the short-term sell-offs near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum’s rally topped out near $1350 for now, and given the now severely overbought long-term picture we expect the short-term trend to end in the coming days. With that in mind, although traders could still enter small positions near the trendline, correction risk is now high, and investors should wait for a deeper move lower before entering new positions. Key support levels below $1000 are still found at $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(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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