Undecided: Price Analysis of Bitcoin, Ethereum, Litecoin, Ripple, and NEM | Hacked: Hacking Finance
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Undecided: Price Analysis of Bitcoin, Ethereum, Litecoin, Ripple, and NEM

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Undecided: Price Analysis of Bitcoin, Ethereum, Litecoin, Ripple, and NEM

Introduction

This article was posted on Thursday, 22:02, UTC.

Cryptocurrencies had a very quiet day, with Ethereum’s slide and Ripple’s pull-back defining sentiment. Bitcoin recovered after yesterday’s dip, and finished the US session near the $2700 level again. With financial markets definitely in summer mood, short-term traders might be in for more frustrating days and sudden moves in both directions, as trading volumes thin out. Small cap coins also traded mostly sideways, with the lengthy consolidation patterns being intact.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to trade between $2600 and $2750, with no clear short-term direction amid progressively falling trading volumes. BTC failed to follow through on Tuesday’s strength but also bounced back encouragingly off the short-term support level. The long-term picture still points to more consolidation or correction so we remain neutral on the currency.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum scared investors and traders with its recent weakness although the current weakness is normal following the stellar rally of the past few months. The $300 level held the coin so far during this consolidation, with only a brief spike below that support last week. The BTC pair is approaching the rising long-term trendline thanks to yesterday’s weakness, probably setting up a good buying opportunity for long-term investors. An ideal setup would b a spike below 0.11 followed by a quick recovery in the trend channel.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin remains the strongest major, as the coin held up well despite the short-term overbought readings that developed after the weekend rally. That said, we expect more consolidation before the resumption of the trend, with a possible test of the 0.015 level against Bitcoin and the $40 support on the Dollar chart.

LTC/BTC, 4-Hour Chart Analysis

Ripple

XRP/USDT, 4-Hour Chart Analysis

Ripple confirmed a failed break-out today as it slid out of the short-term rising trends on both the USD and BTC charts. The coin fell back below the $0.30 level to re-enter the long-term consolidation pattern that dominated trading for several weeks. The 0.00010 support still holds on the BTC chart, but the currency needs to recover above the 0.000115 level to trigger another short-term buy signal.

XRP/BTC, 4-Hour Chart Analysis

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM continues to trade in a persistently weak fashion against Bitcoin, since the brief surge in mid-May. The coin broke its rising long-term trend recently and re-entered the base between 0.000057 and 0.000075. The test of the 0.000065 level now seems likely, barring a quick surge above 0.000084. Short-term traders should avoid the coin for now while long-term investors could add to their positions here.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR embersburnbrightly

    Posted on 10:11 pm June 22, 2017.

    Very helpful, thank you!

  • user

    AUTHOR MSNP05

    Posted on 10:14 pm June 22, 2017.

    So is the eth correction over ? Can we buy at this price ?

  • View Comments (2) ...
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