Crypto Update: BTC Hits 11-Week High As Altcoins Eye Breakout

The major cryptocurrencies continue to trade in bullish short-term tends and BTC is still the most important leader of the rally. The most valuable coin’s strength is a huge plus for bulls here, and it not just hit a new short-term swing high today, but cemented its long-term trend change. While no other top coin followed BTC to a new high in a sustained fashion, the leading smaller coins also remained upbeat.

Our trend model continues to be mixed with regards to the long-term time-frame while being overwhelmingly bullish on the short-term time-frame, and several coins are on the verge of long-term trend changes. Despite the positive developments, we still can’t rule out a swift reversal and traders should remain cautious and stick to strict risk management rules.

BTC/USD, 4-Hour Chart Analysis

BTC topped the $9,400 level for the first time since November confirmed the first swing low in a new broad uptrend and cementing the breakout from the previously dominant declining trend channel. While a sharp reversal still not off the table, BTC’s recent price action is encouraging and traders could hold on to their positions here despite the slightly overbought short-term momentum readings.

BTC is still on buy signals on both time-frames in our trend model, with support zones now found near $9,200, $8,600, and $8,400, and with resistance ahead near $10,000, and $11,300.

ETH/USD, 4-Hour Chart Analysis

ETH briefly topped its recent short-term swing high today, getting very close to the failed to the key $180-$185 resistance zone in the process. The coin remains relatively strong from a short-term perspective, and it’s now closing in on its dominant long-term trendline as well. The coin still has very strong resistance ahead of it, but the segment-wide developments could help ETH.

Our trend model is on a short-term buy signal, while still being on a long-term sell signal, with major support zones found near $160, $145, $135, and $130, and with resistance zones ahead between $180 and $185 and near $200.

XRP Fails To Impress As LTC Remains Strong

XRP/USD, 4-Hour Chart Analysis

XRP remains the clear laggard among the top digital currencies, and even though it got close to a short-term buy signal, it remains under pressure, especially from a long-term perspective. The coin is still close to the$0.23 support/resistance level while being very far from its declining long-term trendline, even in the wake of the segment-wide rally.

XRP is still on sell signals on both time-frames in our trend model, with support zones now found near $0.23, $0.21, and $0.20, and with resistance zones ahead near $0.2475, and $0.26.

LTC/USD, 4-Hour Chart Analysis

LTC fell short of its prior swing high, losing some of its relative strength compared to the other major altcoins, but from a long-term perspective, it’s close to a confirmed trend change. That said, its previously dominant declining trendline is not far below its current price zone, so a reversal is a bit more likely than in the case of BTC.

LTC is now on buy signals on both time-frames in our trend model, with support zones now found near and $56, $51, and $44, and with resistance zones ahead near $64 and between $72.50 and $75.

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Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Author:
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.