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Analysis: Broad Rebound Stalls as Cryptocoins Turn Lower Again

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Analysis: Broad Rebound Stalls as Cryptocoins Turn Lower Again

Introduction

This article was posted on Friday, 16:08, UTC.

Cryptocurrency traders enjoyed a slight breather after a very volatile week, as most of the major coins were close to unchanged this Friday. Dash and Monero were up by more than 5%, with the pair still trading in tandem, consolidating their lofty break-out gains from the prior weeks. XMR advanced above the $125 support/resistance line today in early trading and it still remains near the key level. The most likely candidate for a deeper correction is the zone around the $80 level where the 38.2% Fibonacci retracement and a strong support line is found.

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XMR/USD, 4-Hour Chart Analysis

Bitcoin, Ethereum, Ripple, and Litecoin have all been trading in narrow ranges today, before a sharp turn lower around the US market open, with the total market value of the segment stabilizing only 10% below the all-time high near $160 billion. The largest currencies are still facing correction risks here, despite the recent bounce, and long-term investors should keep some gunpowder dry for a possible dip in the coming weeks. That said some of the coins, like XRP, are not overbought and could be attractive here, especially if they follow the broader market lower during the down swings. Let’s see how the charts are shaping up before the weekend.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin’s dominance increased once again during the recent correction, and the most valuable coin is still among the most short-term bullish majors despite the huge rally of the recent weeks and the overbought long-term picture. The currency remains above the crucial $4400 level, keeping the short-term setup positive, for now. Below $4400, further support levels are found near $4000, $3800, $3500 and $3150.

Ethereum

ETH/USD, 4-Hour Chart Analysis

ETH continues to lag the leaders of the market, as it is still trading near the 4330 support/resistance level, almost 20% off its all-time high. The coin is back to neutral regarding the short-term picture and remains suspicious below $350, the primary short-term resistance level.  Below $330, the $300 and $285 levels provide immediate support while a move towards the $235-$250 zone is still likely in the coming weeks.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC has been holding up well, still being one of the strongest majors following the Monday crash, and although the long-term picture is definitely overbought, a move to test the prior highs or even the $100 level is possible. Support levels are found at $75, and near $64, while the lower boundary of dominant rising trend channel is near $51 currently. Long-term investors should remain patient until the next deeper correction before entering new positions.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash followed Monero above the crucial $360 level, and it remains near the important zone. The coin faces strong headwinds due to the long-term overbought readings, and more corrective price action is likely in the coming weeks. Support levels are found near $300 and below that at $265 and around $220.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP continues to trade in the broad consolidation pattern that has been dominating trading since the coin’s break-out. The currency remains among the less overbought majors, and the short-terms dips could still be good buying opportunities for investors. The $0.22 support remains in focus, with further important levels found at $0.20, $0.18, and $0.16, while resistance is ahead near $0.26 and $0.30.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic spiked lower recently towards its break-out levels near the $16 support, as it is still trading in a correction pattern after the explosive move higher. A break below support would warn of further sideways price action, but the long-term support near $14 should hold, and the short-term dips could still provide buying opportunities for investors. Primary resistance is now ahead at $18, and above that near the all-time highs at $23.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO turned lower yet again today after trading near the $30 level following an explosive rebound of its crash lows. The coin remains within a downtrend that started off the all-time highs near $52, but the long-term picture is not overbought as in the case of the largest currencies. The volatile coin faces resistance at $30 and near $40, while support is found near $25, $22, and below that at $16.

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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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