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Technical Analysis: Ripple Breaks Out Amid Ethereum Upgrade

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The major cryptocurrencies are on the rise once again today, with Ethereum’s major Byzantium update being in the center of attention. The second largest blockchain network has been updated through a hard fork, as usual, and the successful lock-in led to an initial surge in the price of the ETH token. The digital currency recovered above the $330 level after Sunday’s pull-back, but so far it failed to durably break-out above the prior swing high just above $340.

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With the long-term momentum readings still being neutral, the coin could be on the verge of testing the $380 resistance soon, with the all-time high near $400 being the last major technical obstacle. Below $330 further support is found at $300 and $285.

ETH/USD, Daily Chart Analysis

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Bitcoin is also on the rise after dipping below $5500 during the weekend, and the most valuable coin is joined in the rally by Ripple, which most likely finished its short-term correction and could be ready for another leg higher. The other majors are also generally higher, with NEO and IOTA being ahead of the pack, while the rest of the market trading near unchanged. As the broad rally seems to be well and alive, let’s see how the short-term charts are shaping up.

Bitcoin

BTC/USD, Daily Chart Analysis

BTC continues to trade in a short-term correction after last week’s break-out to new all-time highs, and the coin’s price is right at the $5700 level after hitting a low just above $5400 during the weekend. The MACD indicator is returning to neutral territory, and another leg higher in the strong uptrend is possible in the coming days, with a likely test of the $6000 long-term target. As the currency is getting long-term overbought, the risk of a deeper correction is rising, but the trend is intact, with key support levels below $5400 at $500 $4650 and $4400.

 

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin surged past the key $64 resistance after Friday’s break-out, and the coin is now back in the rising long-term trend channel, as we expected. LTC  is now back near the key level after yesterday’s pull-back, but the short-term trend is intact and a rally towards $75 is likely in the coming period, as daily MACD is in neutral territory, with support levels below $56 at $51 and near the $44 level.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is trading in a narrow consolidation pattern just above $300, within the broader correction formation that has been dominant for more than a month now. The coin is still bullish regarding the long-term picture, but short-term traders should wait for a move before entering new positions, as further sideways price action is possible. Resistance is ahead at $330, $360, and $400 while support is found at $300 and $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP moved out form its short-term consolidation pattern and rocketed higher to the $0.30 level today in early trading as we expected, but for now, the key resistance zone held the coin back. Above $0.30 another strong level is found at $0.32, but given the strength h of the trend and the bullish long-term picture, a break above that level is likely. Support is now found at $0.26, $0.24 and around the $0.22 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still relatively weak compared to the other majors, and it remains stick below the short-term resistance level at $12.50. With further strong resistance ahead around the $13.50 level, bulls have a tough road ahead, but the long-term picture is still positive for investors. Support is still found at $11 and $9, while more supply is expected at $16 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still below the key $100 level despite breaking out above the declining trendline last week. The neutral long-term momentum points to a coming test of the $125 level as well, as the coin completed a deep, but orderly correction. Strong support is found near $80 and $68, while the all-time high is ahead just above $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO finally found support within is volatile correction pattern around the $27 level, and the coin looks ready to bounce back above the $30 resistance, amid the broad rally in the segment. The $25 level is still the primary support with another strong level below that near $22, while above $30 resistance is ahead at $34 and $40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is still struggling to get back above the $0.45-$0.48 support/resistance and, and although the long-term picture remains encouraging, traders should wait with new positions until a short-term uptrend is established. Resistance levels are ahead at $0.56, and $0.64, while support below $0.45 is found near $0.35.

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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