Altcoins are in the center of attention today, both in positive and negative ways. Ethereum’s scary client bug caused a sell-off in the second largest coin in the second half of the session, while the rally in Litecoin, Dash, and IOTA kept traders excited beforehand, although Ethereum Classic entered a correction after its strong break-out, while Monero is still hovering around the crucial $100 resistance.
Litecoin had a great session, as it surged past the $56 level and traded above the $60 price zone for the first time since mid-October. The technical picture remains bullish on the currency on all time-frames, with a likely test of the $64 level in the coming days, and with the next target at $75. Support below $56 is found at $53 and $51, with another key level near $44.
LTC/USD, 4-Hour Chart Analysis
Bitcoin
BTC/USD, Daily Chart Analysis
Bitcoin briefly dipped below $7000 again today, but the coin bounced back above the key level, still not confirming the developing head and shoulders top. As the long-term picture remains severely overbought, we still urge investors to stay away from new positions, but the short-term picture is now more neutral after the recent correction. Below the initial support at $6700, key levels are found at $6000, $5800, $5400.
Ethereum
ETH/USD, 4-Hour Chart Analysis
Ethereum remains in the long-standing trading range between $285 and $315, while also being just inside the long-term rising trend. The coin has been very stable in recent days before today’s sell-off, despite the volatility in Bitcoin, and the recent moves in other altcoins. That said the currency is still expected to move out of the current pattern in a bullish way, and test the $330-$350 zone, with a strong resistance also found at $380.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash is one of the strongest coins today, as it is testing the declining trendline that dominated the lengthy correction since the end of August in the currency. The trendline is converging with the $300 resistance right now, and a move above that zone could trigger a quick rally towards $330 and $360, the next targets ahead. Support is found at $280 and $265, but we expect the long-term uptrend to resume.
Ripple
XRP/USD, 4-Hour Chart Analysis
Ripple hasn’t reacted to today’s active trading conditions in altcoins, and it remained stuck in a range around the $0.2050 level, while also staying neutral regarding the short-term picture. The long-term is still bullish, with targets ahead near $0.2250, $0.26 and $0.30 and support found just below $0.20, near $0.18, and at $0.16.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic reached up to the $15 level yesterday, but the short-term picture got overbought, and that led to a pull-back in the strongest currency of the past few days. We expect another leg higher after a correction, testing the $16 and possibly the $18 resistance levels, while support is still found at around $13.50 and at $12.50.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero also showed strength this week, but for now, the zone around the $100 level stopped the advance, although the previous lengthy bullish consolidation period could point to a coming explosive move. Both the short- and long-term buy signals remain intact, with targets ahead at $125 and near the $150 level. Support is found at the bottom of the long-standing consolidation pattern near $80, with another strong level at $68.
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