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Analysis: Bitcoin Spikes Lower as Ripple is the Next Coin to Move

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Analysis: Bitcoin Spikes Lower as Ripple is the Next Coin to Move

Introduction

This article was posted on Tuesday, 17:05, UTC.

After Monero’s surge yesterday, today it’s Ripple that’s on the move, breaking out from its long standing declining trend, and moving above several key resistance levels. The coin is still below the line-in-the-sand resistance at $0.22 but odds favor further more after the lengthy correction. Ethereum Classic, which has been correlated with XRP in recent weeks, failed to follow the break-out so far, and its now the only major that still trades within a long-term correction pattern.

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XRP/USDT, 4-Hour Chart Analysis

The two most valuable coins traded sharply lower, as Ethereum dipped backed below the crucial $330 level, as Bitcoin got smashed lower to $3600 after it exited its short-term uptrend. The correction in BTC dragged most of the majors lower as well, with only Monero, the volatile Bitcoin Cash, and Dash being in the green today. The mixed performance is accompanied by a diverging long-term outlook for the majors so let’s see how the technicals are looking.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin broke below the short-term trendline, as it continues its correction after its epic rally off the correction lows. The currency bounced back off the $3600 level this morning and it’s now just below the key $4000 price level. With the long-term picture still being overbought, we expect the coin to fall at least to the $3500 support in the coming period, with further targets near $3150, and Between$299 and $3000.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH followed Bitcoin lower today in early trading, and its back just above the $300 level, as it failed to hold the $330 support/resistance level after the break-out of yesterday. The coin might remain volatile in the coming weeks, as the next major upgrade of the ecosystem is looming, but we expect the uptrend to continue, with a likely test of $380 and the all-time high near $400.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC continues to trade in a narrow range near the $46 level, being down slightly today, but holding up well amid the decline in Bitcoin and Ethereum. The currency still looks bullish both considering the short- long-term picture, and a move above $50 towards the prior highs is expected.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still trading in a consolidation pattern below the $300 level after the weekend break-out and although the long-term picture is getting overbought, another push higher to test the high is possible in the coming days. Long-term investors shouldn’t open new positions here, but short-term traders could still play the move higher.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic tried to break-out of its declining trend along with Ripple, but the coin failed to stay above the $15 level, and now it’s back in the correction pattern. The currency is still trading in the key support zone around $14, and both the long- and short-term momentum readings are neutral.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is trading close to yesterday’s highs, after doubling in just a few days time, giving a good opportunity for long-term investors to reduce their holdings, as the coin is now in overbought territory. That said, a move above $100 is possible as the short-term momentum could still carry XMR higher.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM is still in a volatile trading range, as the correction in Bitcoin unfolds. The coin still looks bullish regarding the long-term setup, but a move above 0.000075 would be needed for a renewed short-term buy signal. Strong support levels are still found near 0.0000575 and 0.000048.

NEO

NEO/USDT, 4-Hour Chart Analysis

Neo is still trading in a short-term correction pattern, as the price of the coin is stuck between $30 and $35. The declining trendline is close to the current level, with strong resistance above that near $40. Below $30 the next major support level is at $22, but another leg lower is unlikely after the 50% correction.

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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.

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