The two leaders of the market continued to outperform, with BTC and XRP both rising meaningfully in the face of the broad decline in altcoins. Ripple is up by double digits yet again, and the coin reached our next target at $0.26 overnight, getting short-term overbought in the process. While we expect the currency to continue its uptrend and test the key $0.30 level, a correction is likely in the coming days. Support levels are found at $0.24 and $0.22, while above $0.30 further resistance is ahead at $0.32.
XRP/USD, 4-Hour Chart Analysis
While Bitcoin is benefiting from the increased segwit adoption in the network and the relentless downward drift of Bitcoin Cash, drift the rest of the majors are losing ground today after a quiet weekend, pushing the market share of the largest coin back above 50%. NEO, DASH, and IOTA are among the laggards, but Monero is also relatively weak, with Litecoin, Ethereum, and Ethereum Classic being moderately lower. As volatility is still muted, and correlations are low, the continuation of the broad bullish trend is likely. Let’s see what the short-term charts are showing.
Bitcoin
BTC/USD, 4-Hour Chart Analysis
Bitcoin hit a one-month high above $4600 today in early trading, before edging slightly lower as altcoins declined. BTC is still in a clear short-term uptrend after last week’s shallow correction and above the $4650 resistance, the only technical obstacle ahead is the prior all-time high near $5000. Support levels are found at $4400, $4150, $4000, and $3800.
Ethereum
ETH/USD, 4-Hour Chart Analysis
Ethereum is still holding up above the $285 support, while trading in a narrow consolidation range around the $300 level. The long-term picture remains encouraging, and the coin is also showing short-term relative strength compared to the other altcoins. We expect a rally above $330 this week, with the $380 level ahead as the longer-term target, while further support is found at $250.
Litecoin
LTC/USD, 4-Hour Chart Analysis
Litecoin is still trading in a very narrow range above the $51 support level, while the $56 resistance is still capping the upside movements of the coin. As the long-term picture is getting more constructive, a move above resistance is likely in the coming period, with a target of $64. Support levels are found at $44 and $38, while the MACD indicator is still neutral.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash remains relatively weak, but the downward momentum isn’t strong, and the long-term picture remains positive after the strong rally in August. The $300 support/resistance level is still in focus, and while the upper boundary of the short-term consolidation pattern is now right at the $330 resistance. We still expect sideways price movement from the currency, but the long-term uptrend should resume soon.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is still showing weakness, failing to confirm a short-term uptrend, and drifting below the $12 level once again today in early trading. The coin faces strong resistance at $13.50, and although long-term investors could still add to their positions at the current levels, but short-term traders should wait for a move above that zone before entering new trades. Support is still found near $11 and $9, while resistance is ahead at $16 and $18.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero is still the least volatile major, drifting lower in its correction pattern after the stellar late-summer rise. The coin is still positive regarding the long-term picture, and we expect the $80 support to hold before the next move higher. Resistance is ahead at $125 and near the all-time high above $150, while further support is at $68.
NEO
NEO/USDT, 4-Hour Chart Analysis
NEO plunged back to test the $30 level yet again today, and it remains the most volatile of the largest coins since the China-crash. The currency is in a volatile correction since nearing the $40 resistance, but we still expect another move towards that level soon, as the long-term picture remains bullish. Further support is found $25 while primary resistance is ahead at the $34.
IOTA
IOTA/USD, 4-Hour Chart Analysis
IOTA is showing surprising weakness today, as it is testing the key $0.45-$0.48 support zone again. We expect the zone to hold during the current correction, and the coin to rally back to $0.64, especially if the broad rally continues. Resistance above $0.64 is found around the $0.75 level, while support is at $0.35.
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