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Technical Analysis: Ripple Closes in on Ethereum as Altcoins rally, Bitcoin Stalls

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Ripple continues to be in the center of attention in the crypto segment, as the coin continued to build momentum amid the ongoing correction in most of the majors, hitting new all-time highs throughout the session. XRP surpassed the $1.50 level, the range projection target, and spiked above $1.75 too, nearing the $2 level and overtaking Ethereum as the second largest coin in market value on some exchanges.

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The lofty gains triggered a short-term sell signal in our trend model, and traders now should reduce their exposure or apply a trailing stop-loss order to protect profits. Key support levels are now found at $1.25, $1, $0.85, $0.68, and $0.425.

XRP/USDT, 4-Hour Chart Analysis

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Bitcoin has been trading in a narrowing consolidation pattern after yesterday’s early sell-off, and the coin gravitated towards the $14,500 level in the process following the SegWit2x  launch. The most valuable digital currency still faces long-term headwinds following the recent run-up, and the correction that started last week will likely continue after the current consolidation phase, with the short-term momentum indicators already showing neutral readings. 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

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is back near the crucial $740 level after yesterday’s wobble and it continues to trade relatively strong in comparison to Bitcoin, hovering just below its weekly highs. Despite the strength, the long-term picture still signals further corrective price action, although the extent of the move should be smaller than in the case of the leaders of the prior rally. The $740 level still serves as primary resistance, while strong support is now found at $625, $575, between $480 and $500, and near the prior all-time high at $400.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin remained weak compared to the rest of the market today, although it briefly spiked higher in early trading, just to fade back below the $250 level later on. LTC trades in a short-term consolidation pattern since the crash one week ago, and we expect the correction to continue soon, with at least a re-test of the prior low. Key support levels are found at $125 and $100, with a weaker zone at near the $170 level while primary resistance is ahead between $250 and $260.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is trading slightly higher today after testing the $1000 level yesterday, but the coin failed to show the strength of Ethereum, and the long-term bearish pressures remain strong. The currency is still expected dip below the prior correction low during this cycle, and investors should remain patient until opportunities with better risk-reward ratios emerge. Major support levels below $1000 are found slightly above $800, at $650, and near $600.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic has also been relatively weak recently and the coin remains stuck in a bearish consolidation pattern and below the $30 level. The token’s price is still above the primary support at $25, but a move below that and the prior high near $23 is likely in the coming weeks, with further strong support at $18. Resistance is ahead above $30 at $34 and around $40.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continues to trade right at the lower end of the rising trend channel, and it failed to significantly rally today, despite the broad bullish move in the segment. The long-term overbought readings suggest a deep correction in the coming period, and we expect the coin to break below the trendline in the next few days.  Primary support is still found at $300, with further important levels at $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO was among the best performing majors, as the coin broke out form the dominant short-term correction pattern again, building on the still encouraging long-term setup. We still expect the coin to outperform the segment in the coming period, with a likely rally towards the $100 level after the broad correction concludes, but volatility is expected to remain high. Key support zones are now found near $64, $56, and $50, while resistance is ahead at $80.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is trading in a bearish short-term consolidation pattern with very low volume today, after bouncing lower off the previously dominant rising trendline. Given the still overbought long-term picture, the coin should continue its correction in the coming period, with a possible early bottom compared to the other majors. Strong support levels are found at $3 and $1.5, with a Fibonacci support between those 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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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

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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

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

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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

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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13 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 513 votes, average: 4.08 out of 5 (13 votes, average: 4.08 out of 5)
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