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Crypto Update: Bitcoin Rallies as Ethereum Tests Trendline

bitcoin, crypto, ethereum, rallies, trendline, update -

Crypto Update: Bitcoin Rallies as Ethereum Tests Trendline

The segment continues to trade in a mixed fashion, with no strong broad momentum after the recent correction that ended on Sunday. The major coins are still dominantly in bullish setups, especially regarding the long-term picture, although the declining broad trend channels are still intact in the case of the top 3 digital currencies.

That said, price action, volatility, and correlations between the majors continue to point to an ongoing advancing cycle after the steep decline in January, even as today, the early leaders of the rally, Litecoin and Ethereum Classic, failed to join BTC higher, with LTC being hurt by negative news regarding the highly anticipated LitePay debit card.

BTC/USD, 4-Hour Chart Analysis

Bitcoin broke out of the short-term correction pattern, as we expected, and a rally to test the $11,300 level is likely underway. Another short-term resistance level is ahead at $11,700, while above that the first target is at $13,000, with the long-term picture still being supportive of further gains. Primary support is at $10,000, with the key line-in-the-sand zone between $9000 and $9200.

ETH/USD, 4-Hour Chart Analysis

Ethereum ran into strong resistance, the declining trendline after a promising weekend but it remains, in an encouraging technical position, and the quiet consolidation is also a bullish sign. Close to the trendline, further resistance levels are found at $910 and $1000, and we expect a move above them in the coming period, even as the consolidation could still continue, with support levels still found at $780, $740, $625 and $575.

Ripple Lagging, Monero, NEO showing Strength

XMR/USDT, 4-Hour Chart Analysis

Among the other altcoins, NEO continued to rally together with BTC before a pullback in European trading, while Monero recaptured the $300 level after showing signs of accumulation during the weekend, while IOTA has been drifting higher, also being among the stronger coins today, eyeing the $1.9 resistance.

Ripple is still the most notable underperformer among the largest coins, while Stellar and Cardano are also lagging the segment’s average, and Dash is still struggling with the $650 resistance, despite its promising long-term setup.

We expect the market to remain bullish, although with the still intact long-term downtrends volatile sell-offs could still happen, despite the positive price action.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

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.



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