BTC continued to creep higher today following deep correction on Monday, and the most valuable coin is now only a tad below the recent highs after regaining almost all of its losses in a few days. The coin is back in the short-term rising trend channel that carried it from below $1900 to $4500, and odds now favor another leg higher in the currency. That said, the long-term picture remains overbought and investors shouldn’t jump on the advance here, as the risks of a deep correction are high, and there are still better opportunities in the segment.
BTC/USD, 4-Hour Chart Analysis
The other majors are mostly higher amid the Bitcoin rally, but Ripple fell as much as 20% off its short-term maximum, as it failed to hold above $0.30 and entered a deep pull-back after its recent 100% rally. Monero and Dash are trading near their prior highs, as they moved back near the top of their short-term consolidation zones today. Ethereum is also nearing its raly-highs following in BTC’s footsteps, while Ethereum Classic continues to be the weakest major from a technical perspective. Litecoin and NEO are little changed today, with both still looking promising before the weekend. Let’s see the short-term charts of the majors.
ETH/USD, 4-Hour Chart Analysis
ETH has been following BTC closely recently, but we still expect the coin to outperform its most important peer in the coming weeks. The rising short-term trend is intact, and the token is trading slightly above the key $330 level while being a bit lower than the weekend high. The next leg of the rally should carry Ethereum to the $380 resistance, with the prior all-time high also ahead at $400. The currency remains bullish above the $285 support,
LTC/USD, 4-Hour Chart Analysis
LTC briefly dipped back below $50 in early trading but now the coin is back above the key level, as the break-out from the broad triangle pattern remains intact. We expect the currency to test the $60 level in the coming period as the long-term picture remains encouraging, and the short-term is also clearly bullish. Below $50 Support is found near $46, $44 and $42 with the rising trendline also being near the $46 level currently.
DASH/USD, 4-Hour Chart Analysis
Dash is moving higher along its short-term uptrend that developed after the strong weekend break-out, as it held up above the $300 level following a volatile consolidation. The coin might be ready to test the recent highs above the $350 level, but we still expect Dash to enter a broader correction. The long-term picture is overbought, and investors should wait with new positions, while traders could still play the short-term trend. Strong support levels are found a $300, near $266, and between $220 and $230.
XRP/USD, 4-Hour Chart Analysis
Ripple continues to be very volatile after its recent surge, and the coin quickly retraced a large part of its gains, falling back to the crucial support/resistance zone near $0.22 after touching $0.30. The break-out from the long-term consolidation pattern remains intact, but the currency has to hold above $0.20 to keep the trend going. Resistance is ahead near $0.26 while further support is found near $0.18. The long-term picture remains bullish but more volatile moves are expected in XRP.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic has been virtually unchanged recently after a weak break-out attempt from its previous downtrend. The coin is trading in a new uptrend, but the $16 level is still holding back the advance, and further weakness would warn of a failed move, and more corrective price action in the coming weeks. Strong support is found around the $14 level, while above $16 the next target would be $18.
XMR/USD, 4-Hour Chart Analysis
Monero surged back towards the prior high at $100 after a deep but deep correction, and it might be ready for another move higher, despite the overbought long-term picture and the recent lofty gains. Investors are still advised to wait with entering new positions, with support zones below found near $80 and $68.
NEO/USDT, 4-Hour Chart Analysis
NEO is still trading near the line-in-the-sand support/resistance zone around at $40, after the strong rally this week. The coin is still expected to test its all-time high in the coming weeks, but a break below $38 would warn of more consolidation, with the $30 level remaining in focus. Above the current zone the token faces strong resistance at $47.50.
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