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Technical Analysis: Ripple and Ethereum Hit New Highs as Bitcoin Stagnates

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The cryptocurrency market continued a rapid restructuring towards altcoins, as Bitcoin remained well below its all-time high, while Ethereum and Ripple both scored new record highs. The trio of NEO, Cardano, and Stellar also continued their recent rally, taking over Dash, Monero, Litecoin, and IOTA in the list of the most valuable altcoin. While the sustainability of those trends remains a question, the momentum is clearly positive for now.

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Ethereum added to yesterday’s gains today, clearing the $900 levels after the recent buy short-term signal. The coin still has room for short-term gains despite the overbought long-term momentum readings, and a spike to $1000 is in the cards here. That said, while traders could still play the trend, investors should wait for better opportunities to add to their positions. Support levels are now found at $850, $740, $625, $575, and between $480 and $500.

ETH/USD, 4-Hour Chart Analysis

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Ripple turned bullish again from a short-term perspective after the recent correction, and it breached the prior high today, topping the $100 billion mark regarding its market cap. The bullish short-term trend remains intact and although we still expect a deep correction in the coming weeks, traders could play the current leg higher. Primary support is now at $1.50 with further levels at $1.25, $0.85, $0.68, and $0.42.

XRP/USDT, 4-Hour Chart Analysis

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin is still trading inside the daily range of the mini-crash two weeks ago, and it continues to lose ground compared to the largest altcoins, with its dominance hovering around the one-third of the market. BTC faces strong resistance near the $16,000 level, while the primary support zone around $13,000 is now reinforced with the long-term trendline. That said, we still expect a deeper correction and a dip below $10,000 before the end of the current cycle, with further support levels at $11,300, $9000, and stronger levels at $8200 and $7700.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin remains among the weakest majors still being stuck below the $250-$260 resistance zone, despite the bullish sentiment of the recent days. The coin has been drifting lower today, and with the short-term momentum showing neutral readings, another leg lower in the ongoing correction is possible soon, with a likely re-test of the mini-crash low near $180, and further strong support at $125 and $100.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has also been trending slightly lower today, after the rally of the first few couple of days of the year, and the coin is still consolidating since the crash two weeks ago, with the long-term picture remaining slightly stretched. We expect a move below the previous correction low in the coming period, with support levels still found at $1000, slightly above $800, at $650, and near $600.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

The rally in Ethereum Classic stalled near the key resistance level at $34, and coin traded in a choppy narrow range as trading volume declined. The long-term setup remains unchanged, as further correction is still likely after the late-year surge. We still expect a move below $23 with major support below that at $18, while further resistance ahead at $40.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is now in a neutral short-term position as the coin drifted out of the correction pattern, although the long-term pressures remain bearish, thanks to the still severely overbought momentum readings. Strong resistance is ahead near $400, while primary support is still found at $300 and further important levels are at $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO hit our long-term target at $100 after continuing its recent break-out, although the momentum of the move is not strong. That said, further gains are possible, and traders should hold on to their positions here, while investors could start to reduce their exposure, as the long-term picture is getting overbought. Volatility could pick up again in the segment soon, as the Bitcoin correction is still not concluded, and support levels are now found at $80, $64, and $56.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA has been virtually unchanged today, as trading activity collapsed and the coin remained in a narrow range around the $4 level throughout the session. With the long-term picture still pointing to further correction, despite the coin’s advanced position in the cycle, investors should still wait with opening new positions. 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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3 Comments

3 Comments

  1. MinerMatt17

    January 4, 2018 at 2:31 pm

    You guys just made a bitcoin buy recommendation yesterday, and it was the second one of its kind in 3 days, and then you say you expect a deeper bitcoin correction soon.

    This is enough, please explain these blatant inconsistencies.

  2. MinerMatt17

    January 4, 2018 at 2:32 pm

    Plus +1 for Dash as well. You guys have zero consistency.

  3. CryptoNash

    January 5, 2018 at 1:00 am

    In the BTC sesion where it states “a dip below $10,000 before the end of the current cycle”, what is the end date for the current cycle?

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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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