The exuberant buying frenzy in Bitcoin continues to dominate the cryptocurrency segment, as the current cycle has likely reached its peak. So far, short-term traders could still have played the rising trend, but now all technical measures are signaling a top, so we urge traders to stay out of the BTC market until a correction, as volatility will likely increase significantly. As the coin reached the $7000 range projection level, primary support is now found at $6300, with further levels at $6000, $5800, and $5450.
BTC/USD, 4-Hour Chart Analysis
As Bitcoin and Bitcoin Cash continued to ramp higher, capital abandoned altcoins, and most of the majors spiked lower, testing major support levels in the process. Despite the decline, the long-term uptrend remains intact the segment, with only a few coins being suspiciously weak. IOTA and Ethereum Classic are the most notable laggards, but the short-term trend is only positive in Monero and Litecoin. Let’s see the detailed short-term analysis.
Ethereum
ETH/USD, 4-Hour Chart Analysis
Ethereum is testing the $285 support yet again, and now the rising long-term trendline is also found close to the crucial zone. The price of the token spiked below the key level, before bouncing back violently, and although short-term traders should still wait with opening new positions, long-term investors could add to their holdings here. Further support is found at $250, while resistance is ahead at $300, $315, and $330.
Litecoin
LTC/USD, Daily Chart Analysis
Litecoin followed the other altcoins lower and tested the $51 level today in early trading, but the technical setup remains unchanged. We still expect a move above the current consolidation pattern in the coming weeks, with targets at $64 and $75.Support below the current price level is found at $44.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash also spiked below the key $265 support today, but the coin is still within its dominant correction pattern, well within the rising long-term trend. Trading volume remains low in the currency’s market, and we still expect the advance to resume despite the current sell-off. Below $265, the rising trendline provides support at $240, while resistance is ahead at $300 and around $330.
Ripple
XRP/USD, 4-Hour Chart Analysis
Ripple continues to trade in a declining short-term trend and it broke primary support below $0.20 today, testing the next major zone near $0.18. Traders should still stay away from new positions at this point, but long-term investors could still add to their holdings. Below $0.18, another major level is found at $0.16, with resistance ahead at $0.21 and around the $0.225 level.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is showing some much-needed short-term relative strength, holding up around $10 despite the broad sell-off. That said, the technical setup is still neutral at best, and a move above $11 would be needed for a buy signal. Above that level, further targets are ahead at $12.50, around the $13.50 level, and at $16, while key long-term support is found at $9.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero is still among the most stable altcoins, despite today’s relatively active session, as the coin continues to trade in the dominant range between $80 and $100, still on long- and short-term buy signals. The currency is expected to resume the long-term uptrend soon, with targets above $100 found at $125 and near $150, and resistance below $80 at $68.
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