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Technical Analysis: Ripple and Bitcoin Rise More as BTC Dominance is Back

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The two leaders of the market continued to outperform, with BTC and XRP both rising meaningfully in the face of the broad decline in altcoins. Ripple is up by double digits yet again, and the coin reached our next target at $0.26 overnight, getting short-term overbought in the process. While we expect the currency to continue its uptrend and test the key $0.30 level, a correction is likely in the coming days. Support levels are found at $0.24 and $0.22, while above $0.30 further resistance is ahead at $0.32.

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XRP/USD, 4-Hour Chart Analysis

While Bitcoin is benefiting from the increased segwit adoption in the network and the relentless downward drift of Bitcoin Cash, drift the rest of the majors are losing ground today after a quiet weekend, pushing the market share of the largest coin back above 50%. NEO, DASH, and IOTA are among the laggards, but Monero is also relatively weak, with Litecoin, Ethereum, and Ethereum Classic being moderately lower. As volatility is still muted, and correlations are low, the continuation of the broad bullish trend is likely. Let’s see what the short-term charts are showing.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin hit a one-month high above $4600 today in early trading, before edging slightly lower as altcoins declined. BTC is still in a clear short-term uptrend after last week’s shallow correction and above the $4650 resistance, the only technical obstacle ahead is the prior all-time high near $5000. Support levels are found at $4400, $4150, $4000, and $3800.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still holding up above the $285 support, while trading in a narrow consolidation range around the $300 level. The long-term picture remains encouraging, and the coin is also showing short-term relative strength compared to the other altcoins. We expect a rally above $330 this week, with the $380 level ahead as the longer-term target, while further support is found at $250.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still trading in a very narrow range above the $51 support level, while the $56 resistance is still capping the upside movements of the coin. As the long-term picture is getting more constructive, a move above resistance is likely in the coming period, with a target of $64. Support levels are found at $44 and $38, while the MACD indicator is still neutral.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash remains relatively weak, but the downward momentum isn’t strong, and the long-term picture remains positive after the strong rally in August. The $300 support/resistance level is still in focus, and while the upper boundary of the short-term consolidation pattern is now right at the $330 resistance. We still expect sideways price movement from the currency, but the long-term uptrend should resume soon.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still showing weakness, failing to confirm a short-term uptrend, and drifting below the $12 level once again today in early trading. The coin faces strong resistance at $13.50, and although long-term investors could still add to their positions at the current levels, but short-term traders should wait for a move above that zone before entering new trades. Support is still found near $11 and $9, while resistance is ahead at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still the least volatile major, drifting lower in its correction pattern after the stellar late-summer rise. The coin is still positive regarding the long-term picture, and we expect the $80 support to hold before the next move higher. Resistance is ahead at $125 and near the all-time high above $150, while further support is at $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO plunged back to test the $30 level yet again today, and it remains the most volatile of the largest coins since the China-crash. The currency is in a volatile correction since nearing the $40 resistance, but we still expect another move towards that level soon, as the long-term picture remains bullish. Further support is found $25 while primary resistance is ahead at the $34.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is showing surprising weakness today, as it is testing the key $0.45-$0.48 support zone again. We expect the zone to hold during the current correction, and the coin to rally back to $0.64, especially if the broad rally continues. Resistance above $0.64 is found around the $0.75 level, while support is at $0.35.

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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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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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

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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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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

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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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