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Analysis: Bitcoin Near All-Time High Again as Ripple Slumps

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Analysis: Bitcoin Near All-Time High Again as Ripple Slumps

Introduction

This article was posted on Friday, 17:00, UTC.

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.

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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.

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Ethereum

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,

Litecoin

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

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.

Ripple

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.

Ethereum Classic

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.

Monero

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

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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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR tieuthanhliem

    Posted on 8:25 pm August 25, 2017.

    If bitcoin is overbought, every coins are overbought. How Ethereum can go up to $380 and bitcoin go down? Please stop manipulating the market.

  • user

    AUTHOR Chris G

    Posted on 3:35 am August 26, 2017.

    presumably he’s just looking at RSI as an indication of overbought/oversold conditions, which can certainly vary between the cryptocurrencies …

  • View Comments (2) ...
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