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Technical Analysis: Bitcoin Still Pushing Higher as Altcoins Mixed

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Technical Analysis: Bitcoin Still Pushing Higher as Altcoins Mixed

The day that kicked off in a bullish fashion for cryptocurrencies turned slightly negative for the majority of the coins in the second half of the session, as US stock markets re-opened after the long weekend. Bitcoin, Ethereum Classic, and Litecoin were the early leaders of the segment, but only the most valuable coin stayed bullish throughout the session, as both LTC and ETC ran into resistance in the second half of the day.

BTC, which was boosted by the positive news regarding the Bitcoin Core Wallet’s SegWit introduction, topped $11,700 for the first time in more than a month, and the coin is getting close to the $200 billion mark in market value yet again.

BTC/USD, 4-Hour Chart Analysis

As the currency hasn’t completed the previous short-term correction, with the MACD indicator still showing overbought readings, another pullback in the coming days wouldn’t be a surprise, but the short-term uptrend is clearly intact.

The $13,000 and $14,250 levels are ahead as the next major targets, with a weaker level near $12,000, while support is now at $11,300, $10,000 and between $9000 and $9200.

ETH/USD, 4-Hour Chart Analysis

As we mentioned, Litecoin and Ethereum Classic both pulled back in late trading, while the largest altcoins, Ripple and Ethereum failed to rally in the first place, as the majors are diverging considerably. XRP and ETH drifted sideways throughout the session, while turning slightly lower later on and Ethereum is still struggling with the strong resistance ahead.

The declining trendline is just above the current price level, and the short-term relative weakness reinforced our view that further correction is likely before a clear break-out, with key support levels found at $845, $740, $625, and $575, and resistance above the trendline at $1000 and $1175.



LTC/USD, Daily Chart Analysis

Litecoin moved above the narrow consolidation pattern today in early trading, hitting the next major resistance level at $250 in the process. The coin failed to stay above the level so far, and that could point to further consolidation, despite the developing bullish pattern in the MACD indicator, but we remain positive on LTC.  Above $250 the next target is at $300 awhile support is now at $225, $200, and $180.


DASH/USD, 4-Hour Chart Analysis

Dash has been trading in a very narrow range today, mostly ignoring the early rally and the late day dip as well. The technical setup in the coin remains unchanged and bullish, with the coin holding up well above the $700 level and the prior declining trendline. Traders and investors could still enter new positions on the dips, despite the already significant gains, with further support at $650, $600, and $500, and targets zones ahead around $825, $950, and $1000.


XRP/USD, 4-Hour Chart Analysis

Ripple continues to trade in a relatively narrow range below the key $1.25 level, showing some weakness today, with the $1 level still being well below the current price. As the short-term correction will likely be over soon, although a dip below $1 is still possible, we expect another leg higher in the coming period, with the main target above $1.25 being at $1.5, while support below $1 found at $0.85.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC touched the resistance zone near $43 before turning lower today, and the coin dipped back below $40 afterward, as sellers stepped in near the crucial level. The coin’s long-term trend signal switched to neutral, and investors shouldn’t be looking for new positions now, even as further gains are very likely during this cycle, while traders should still play the upside. The all-time high near $47 is the last resistance zone ahead, but a more volatile consolidation period could be ahead before a break-out, with support found near $34, between $32 and $34, and at $30.


XMR/USD, 4-Hour Chart Analysis

Monero is showing relative strength compared to the weaker altcoins today, trading in a similar pattern as Dash, and it remains in a very strong technical setup. The coin still faces strong resistance at $335, and further consolidation is possible, but we expect the uptrend to continue in the coming weeks, with the next target at $400 and support at $280, $240, and $215.


NEO/USDT, 4-Hour Chart Analysis

NEO failed to rally above the dominant declining trendline, although it still showing strength compared to Ethereum, its closest recent proxy. Despite that, we expect the coin to continue its correction before a break above the trendline.  Investors should still accumulate NEO on the dips, with key support around the $125 level, at $100, and at $80, and resistance ahead just above $150 and near the all-time high at $190.


IOTA/USD, 4-Hour Chart Analysis

IOTA has been showing relative strength today, as the key resistance zone between $2.2 and $2.35 proving to strong for the coin, for now. Despite the weakness, we expect the rally to continue after the short-term correction, and investors could still use the dip to add to their holdings.  IOTA is trading right at the primary support, with another level at $1.5, while further resistance is ahead at $2.6 and $3.

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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