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Analysis

Weekly Analysis: Ethereum, Litecoin, Monero, Bitcoin, Augur & Ripple

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This week was outstanding for cryptocurrencies. And, I expect next week will be even more so. I will give a brief rundown of many of the more actively traded coins, ending with my favorite of the day.

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ETCUSD

This sleeper has rallied hard all week. She got past the $4 mark, but is staring at a 5th arc at ~ $5.70.  This was a great catch for those traders who at least doubled their money in a week. That is not an easy thing to do.

REPUSD

Another sleeper which sprang to life several days ago like the alien spacecraft in “Independence Day” when the mother ship approached. Like ETCUSD however, she is now facing a 5th arc overhead (in the $17 area).  If she can cross that resistance, the next larger target will be considerably higher.

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Monero

Like the two preceding coins, this coin also ended a long period of consolidation and advanced strong to a 3rd arc, where it is currently sitting. It may take a bit of time for this coin to get through the arcs,  but when it does, the 5th arc is all the way out to $40 or so. This could double in the near future.

ZECUSD

I am sounding like a broken record now.  ZECUSD also came to life several day ago and has traversed a 3rd arc pair.  An energy point beckons and I am of the opinion that another advance is on the horizon. A move from $85 to $125 is clearly a possibility.  It may take a few weeks to get there.

XRPUSD

Ripple is a mystery. It is the only coin that has so far refused to join the party even though it has a bit of ‘establishment credentials’ (maybe those credentials are the problem?).  In any case, the coin seems to have awoken. A (wide) 2nd arc pair is standing in the way of a rapid advance, but once it clears that arc pair there will be A LOT of unimpeded room to the upside, IF IT CHOOSES TO TAKE IT.

XBTUSD

Bitcoin disregarded my published concern about a double top last week and went on to make a new ATH.  My previous forecast/target was for a run to $1400-$1440.  It now seems that $1400 is the area it will hit 5th arc resistance.

Litecoin

As my regular readers will know, I was very bullish litecoin last week, with a $15 target.  Since hitting that target last week, the coin has been consolidating.  It has crossed a 3rd arc pair and is waiting for a kick in the pants to move to the 5th arc at ~ $24. My guess is that move will begin sometime this week.

ETHUSD

Ethereum made some of our community a ton of cash this week, and is my favorite trade of the week. It moved sharply higher from $50 to $65.  As discussed in yesterday’s article, the smaller setup I was using seems to have needed being re-sized, because pricetime was growing past its constraints.  So, I am now using the next-larger sized setup.

As of this writing, price has closed at the 2nd arc of the 3rd pair and has just opened a bit higher. Barring an unexpected reversal (unexpected but certainly possible) this is looking great. The 5th arc pair is substantially higher. I think we will see $100 much sooner than seemed possible just a week ago. Time will tell.

 

Remember:  The author is a trader who is subject to all manner of error in judgment.  Do your own research, and be prepared to take full responsibility for your own trades.

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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.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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