Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.
BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.
BTC/USD, Daily Chart Analysis
Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.
DASH/USD, Daily Chart Analysis
The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.
Ethereum
ETH/USD, Daily Chart Analysis
Ethereum remained the most stable major coin this week, although it drifted higher along the long-term trendline, without leaving neutral territory regarding momentum. The investment picture remains favorable for the token, and we expect a test of the all-time highs in the coming weeks with strong support levels at $330, $315, and $300. Below the $400 level resistance is ahead at $350 and $380.
Litecoin
LTC/USD, Daily Chart Analysis
Litecoin hit yet another target this week, although it promptly turned lower off the $75 level, and remains below the key resistance. That said, the coin remains in bullish setups on all time-frames, and the long-term chart still doesn’t indicate an overbought stance. The next target is ahead at $82.50, and a test of the $100 level is a possibility during this cycle, with support levels at $64 and $56.
Ripple
XRP/USDT, Daily Chart Analysis
Ripple broke out of its dominant trading range yet again, but it fell back to the $0.2250 support afterwards, with the coin still showing relative weakness compared to the other altcoins. XRP continues to be in broad long-term trading range, and although we expect a move above the pattern, more sideways price action is likely. Support is still found just below $0.20, $0.18, and $0.16, while resistance is ahead near $0.26.
Ethereum Classic
ETC/USD, Daily Chart Analysis
Ethereum Classic is still consolidating its recent gains, recovering after a brief deep below the short-term trendline. The long-term picture remains encouraging, although from an investment perspective it’s already late in the cycle to open new positions, but a rally towards the all-time high is still likely. Support is found at $16 and $14.50, while resistance is ahead at $18 and $23.
Monero
XMR/USD, Daily Chart Analysis
Monero is also in a clear short-term uptrend and with the coin being one of the strongest altcoins from a long-term perspective we expect at least a test of the all-time high near $150 in the coming period. The daily MACD is not overbought yet, and the currency remains on a buy signal on all time-frames. Key support is still below the current price level at $125 and $100.
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