Analysis: Bitcoin Turns Volatile on Fork Day as Altcoin Prices Rise | Hacked: Hacking Finance
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Analysis: Bitcoin Turns Volatile on Fork Day as Altcoin Prices Rise

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Analysis: Bitcoin Turns Volatile on Fork Day as Altcoin Prices Rise

Introduction

This article was posted on Tuesday, 12:44, UTC.

As traders and the major exchanges got ready for the start of the SegWit activation process, and the Bitcoin Cash fork, Bitcoin experienced a roller-coaster ride, despite the widespread optimism regarding the prospects of the coin. BTC rallied past $2900 overnight but spiked below $2650 today in early trading as trading got illiquid and nervous.  The currency remains inside the rising short-term uptrend for now, and although we expect volatility to remain elevated, new all-time highs are definitely in the cards in the coming days.

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BTC/USD, 4-Hour Chart Analysis

Altcoins also showed strength overnight with Ethereum finally leaving the $200 level, and the other majors following the token higher. While the relatively weak Ripple and ETC are still not out of the woods, Monero, Litecoin, and Dash continue to be in bullish patterns. With the total value of the segment moving a tad above $90 billion today, we might be seeing the beginning of the broad rally that investors have been waiting for.  Let’s see how the charts look on this crucial day for the cryptocurrency segment.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

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ETH respected the $200 support and it’s now on the way towards the crucial convergence zone near the $235 resistance, where the dominant declining trendline is also present in the area. With both the long- and short-term picture looking encouraging, we expect a move above that level and possibly above $250 as well. Support below $200 is found at $190 and near $175.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC is trading just below the $44 level after the overnight bounce, but the coin is still within the declining short-term trend despite the rally. The $40 and $38 levels provide strong support for the currency, and as the long-term picture is getting more and more constructive, a break-out towards the primary resistance at $50 could be near.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash also moved higher with the other majors, but it remains below the short-term resistance at $190 for now, with the declining consolidation pattern still being intact. The rally didn’t change the technical setup, and although we still expect a move to $220 and beyond, more sideways action is possible until the dust settles regarding Bitcoin.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is still among the weakest majors regarding the short-term picture, as it continues to hover above the $0.16 support, without showing strong momentum in any direction. A long-term base pattern is still forming, but the $0.18 resistance and the crucial zone around $0.22 is still ahead, with the declining trendline also being an obstacle for bulls. That said, investors could add to their positions here after the 10-week long correction.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is bouncing around the $14 level, just above the lower boundary of a crucial support zone, still being one of the weaker coins regarding technicals. The short-term picture remains neutral below $14.50 while investors could still add to their positions, as the long-term MACD is still in oversold territory.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero rallied off the prior declining trendline as we expected, but it remains stuck below the strong resistance level at $46 inside a trading range between that line and $37.  The short- and long-term picture both remain bullish, and we expect a move to $50 especially if ETH and BTC continue higher.

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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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