The major coins are having a choppy session so far, without clear bullish or bearish momentum. Bitcoin is flirting with the $4150 resistance, while Ethereum is hovering around $300, as Korean selling capped the overnight gains, with traders remaining cautious following the highly volatile period of the past few weeks. The most valuable coin got close to the $70 billion market cap level once again as the total value of the segment reached $145 billion, still being 20% below the all-time high. BTC is holding up above the $4000 support, inside the developing rising trend, and a clear move above $4150 could set up a rally towards $4400 in the coming days.
BTC/USD, 4-Hour Chart Analysis
Capital rotation continued among altcoins, as yesterday’s stars, Ripple and NEO turned lower after getting short-term overbought. Ethereum Classic is holding on to most of its recent gains as a bullish sign for the battered currency, while the rest of the majors are virtually unchanged with a slightly bearish bias. As volatility and trading volumes are muted thanks to the consolidation, the short-term charts are more stable than in the recent period, while the long-term picture continues to heal. Let’s see the details.
Ethereum
ETH/USD, 4-Hour Chart Analysis
Ethereum reached up to $310 overnight, but the token’s price fell back to $300 today, as the short-term rally lost some of its momentum. The currency has been trading around the $300 mark after clearing the key $285 resistance, and although the short-term trend is intact, a consolidation period is likely before a move towards $330. Further resistance is ahead at $380, while support is found near $250 and $235.
Litecoin
LTC/USD, 4-Hour Chart Analysis
Litecoin failed to durably rise above the $56 resistance that has capped the rebound from the crash so far. The coin remains among the weaker majors, after making its move late in the previous cycle, and more choppy price action is likely before a sustained rally. Above $56, further resistance is still found near $64, while support is around the $44 level.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash continues to trade with very low volatility, as the coin is stuck in a short-term consolidation pattern. The post-crash rally took the currency very close to the all-time high compared to the other majors, and while it has been relatively weak in recent days, the long-term picture remains very positive. Resistance is found at $360 and near the $400 level, while support levels are around $300 and $265.
Ripple
XRP/USD, 4-Hour Chart Analysis
XRP entered a deep pull-back today after yesterday’s surge, and the coin is now back below $0.20 after bouncing off the resistance zone around the $0.22 level. The currency is still well within the rising short-term trend, with support levels are now found at $0.18, $0.16, and $0.14, and further resistance ahead around the $0.26 and $0.30 levels.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic touched the $13.50 level as it continued yesterday’s rally overnight but the coin retraced some of its recent gains today, following the broader market lower. The bullish long-term change is still valid, as the currency remains above the declining trendline, but the overhead resistance ahead could hold back the rally for a while, with further supply at $16 and $18.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero remains inside the declining trend as it continues to correct its lofty gains, still being among the weaker coins regarding the short-term picture. The coin breached the $100 level overnight but the declining trendline stopped the advance, and we still expect sideways price movement before a sustained move higher. Strong support is still found at $80 and $68, with further resistance at $125 and near $150.
NEO
NEO/USDT, 4-Hour Chart Analysis
NEO turned sharply lower after three days of stellar gains, as we warned that yesterday it got overbought following the surge past the $30 resistance. The coin is likely headed to test the $25 support, and with the long-term picture still being encouraging traders and investors should be looking for buying opportunities during the short-term correction. Further support is found at $22, while resistance is ahead at $34 and $40.
IOTA
IOTA/USD, 4-Hour Chart Analysis
IOTA is on the move today, defying the broader trends in the market, and confirming the breakdown in correlations. The coin is trading right at the $0.60 level and we still expect a rally above the $0.64 resistance, as the long-term picture remains encouraging. Support is found in the $0.45-$0.48 zone, while resistance above $0.64 is ahead near $0.75.
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