Technical Analysis: Bitcoin Nears 6-Week High
Ripple, Bitcoin, and Monero are in the center of attention in the cryptocurrency segment today, with XRP breaking out from a trading range, Monero continuing its rally, while Bitcoin is still creeping higher towards a major resistance zone.
BTC/USD, 4-Hour Chart Analysis
Bitcoin is trading with very low volatility today, as the most valuable coin is now only a tad lower than the rally high set two weeks ago near $11,750 while also being right the dominant declining trendline. The coin is already testing the line, as we expected, and the result of the battle between bulls and bears will be crucial for the whole segment.
ETH/USD, 4-Hour Chart Analysis
After a long period of diverging technicals, Ethereum is in a very similar setup to BTC, trading right at the declining trend that defined the deep correction. ETH hasn’t been showing bullish momentum, despite its resilience during the recent pullbacks, and that could point to further consolidation before a breakout. Primary support is still found at $845, with further levels at $780 and $740, while resistance is ahead above the trendline at $910 and $1000.
LTC/USD, Daily Chart Analysis
Litecoin’s market continues to be very stable, especially compared to the decline in the other early leader of the recovery, Ethereum Classic. The low volume consolidation is a positive sign following the strong rally, even as the long-term momentum is already slightly stretched. Traders should be looking for a continuation of the rally, while investors shouldn’t open long-term positions now. Strong resistance is still ahead at $225 and $250, with a short-term level near $235, while support is at $200 and $180.
DASH/USD, 4-Hour Chart Analysis
Dash has also been drifting sideways for days now, holding up above the $600 level but failing to move above primary resistance at $650. The long-term setup remains positive, and we expect the rally to resume soon. Resistance is still found at $650, $700, and $750, with targets ahead at $825, $950, and $1000.
XRP/USD, 4-Hour Chart Analysis
The strong move in XRP today was boosted by the renewed rumors regarding the Coinbase integration, but it was also long overdue from a technical perspective after the long sideways drift. Despite the move, Ripple is still facing stiff resistance at $1.25, but we expect the rally to continue above that, as the long-term setup remains bullish, with the next target being at $1.5, and support still found below $1 at $0.85 and $0.68.
ETC/USD, 4-Hour Chart Analysis
ETC continues to lag the market, as it is still correcting its lofty initial rally. Short-term traders should wait for the coin to show relative strength before entering positions, while long-term investors should still hold, as we expect the recovery to resume after the correction. Support is found near the current price level while resistance is now ahead at $30 and between $32 and $34.
XMR/USD, 4-Hour Chart Analysis
Monero is now stretched from a short-term after leading the market higher following the recent correction, and although a rally to the next target at $400 is still likely, traders should be reducing their exposure here. That said, the long-term picture is still supportive of further gains, but investors shouldn’t open new positions after the strong recovery. Support is found at $335 and $300 while above $400 the all-time high is ahead near $440.
NEO/USDT, 4-Hour Chart Analysis
NEO is still relatively weak, as the coin settled down near the $120 support/resistance level, the lower boundary of a broader zone, but it failed to capitalize from the bullish sentiment in the segment. While the long-term picture is clearly bullish and investors could add to their positions here, traders should wait for signs of relative strength before entering new trades. The first major support is now found at $100, while resistance is ahead between $120 and $130, just above $150, and at $190.
IOTA/USD, 4-Hour Chart Analysis
IOTA has been virtually unchanged for days now, still struggling to rally above the crucial resistance zone ahead. We still expect the recovery to resume, but further consolidation is still possible before that, with key support found right at the current price level and near $1.50. Above the declining trendline, further strong resistance levels are near $2.2 and $2.35.