Analysis: Cryptocurrencies Remain Choppy as Bitcoin Cash Gains Market Cap
It was an interesting day for the crypto segment in deed. While the Bitcoin fork didn’t cause the disaster that some feared, volatile trading continued in BTC and Bitcoin Cash, with the latter surging above $10 billion in market value as miners and users embraced the new coin and propelled the price above $700. BTC slid somewhat from its Monday levels and it’s now trading near $2700, still above the crucial support at $2600.
BTC/USD, 4-Hour Chart Analysis
Altcoins mostly gained ground yesterday, and although Ethereum is slightly lower today, the other majors are holding on to their gains, with NEM actually breaking out from a long-term consolidation pattern. With volatility still being elevated, and with the majors strongly diverging from each other the technical position of the coins could be crucial in the coming days.
ETH/USD, 4-Hour Chart Analysis
ETH failed to break out from its long-term correction pattern despite yesterday’s encouraging rally, as the $235 resistance is still ahead for the coin. That line is converging with the upper boundary of the declining trend, and a move above that convergence zone would signal a long-term trend change. Key support is found at $200 and below that near $175.
LTC/USD, 4-Hour Chart Analysis
LTC tried to rally above the crucial $44 level several times in recent days, but so far the declining short-term trendline and the resistance level capped the advances. With the long-term picture still only neutral (although it’s getting close to a buy signal) more sideways action is possible before a move towards the $50 zone. Support is still found at $40 and at $38.
DASH/USD, 4-Hour Chart Analysis
Dash stayed below the $190 resistance during yesterday’s rally, and it remains inside a short-term trading range within the rising long-term trend. Strong support is found near $170, and we still expect a move above $200 and a test of the prior highs above the $220 resistance, with the long-term picture being bullish.
XRP/USD, 4-Hour Chart Analysis
XRP is still among the weaker major, together with ETC, as it remains just above the $0.16 level despite a brief spike higher yesterday. The coin needs to stay above the prior low below to maintain the short-term buy signal, while the declining long-term trend is getting closer and a trend change could be completed soon.
ETC/USD, 4-Hour Chart Analysis
ETC is rallied above $15 for a short period yesterday, but it fell back quickly into the dominant short-term trading range, still underperforming most of the majors. The coin is still yet to provide a short-term buy signal, while investors could still add to their positions here.
XMR/USD, 4-Hour Chart Analysis
Monero almost got up to the $46 resistance once again before turning lower today, as it continues to be among the relatively strong majors despite the volatile price swings. We still expect a move towards the $50 level in the coming period, with the prior highs near $58 also being in sight.
NEM/BTC, 4-Hour Chart Analysis
NEM finally left a trading range overnight that has been intact for several weeks, starting a new uptrend and providing a short-term buy signal. The long-term momentum readings are still neutral, giving ample room for the coin to rally. Support levels are now found at 0.000075 and below that at 0.000066, with resistance at 0.000085.
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