Crypto Update: Coins Edge Higher As ETH Leads Rally
The major cryptocurrencies continue to trade in bullish short-term trends, and thanks to today’s rally more and more coins are solidifying their long-term breakouts. Altcoins are still outperforming BTC, but the most valuable coin is also edging closer to the all-important $10,000 level so we could be in for a very active period in the segment. While technically speaking, we haven’t seen major breakthroughs today, the market remains upbeat despite the strong resistance zones ahead for the likes of LTC and BTC.
Our trend model remains bullish across the board on both time-frames as well, and while we still can’t rule out a sharp reversal, the outlook further improved today. On another positive note, the currently weaker coins remain stable, which points to healthy bullish rotation in the segment, so a confirmed long-term trend change is more and more likely.
BTC/USD, 4-Hour Chart Analysis
BTC hit another rally high today, topping $9,850 despite its relative weakness, and the coin looks ready to test the $10,000 resistance in the coming days. The short-term uptrend is clearly intact despite the weak bullish momentum in the coin’s market and the coin is now in a safe distance from its previously dominant long-term trendline, sop traders and investors could hold on to their positions here.
BTC is still on buy signals on both time-frames in our trend model, with support zones 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
Even though ETH entered overbought territory today, from a short-term momentum standpoint, it continued to lead the way higher. The coin is now eyeing the $230 resistance level, with the advancing short-term trend being intact, but the long-term trend change is not yet confirmed. The $200 level could be in focus during the next corrective move, but in light fo the segment wide trend a failed breakout looks unlikely.
Our trend model now on buy signals on both time-frames, with major support zones found near $200, between $180 and $185, and near $160, and with resistance zones ahead near $230 and $260.
XRP Struggles At $0.28 As LTC Tests $75
XRP/USD, 4-Hour Chart Analysis
After finally breaking out above its declining trendline, XRP has been struggling to leave behind the strong $0.28 resistance, and it remains close to the broad trendline. The coin turned choppy today, and despite the recent upgrades and the possible test of the $0.30 level, it remains relatively weak from a long-term perspective. With that in mind, traders should remain cautious here, as a failed breakout is still possible.
XRP is now on buy signals on both time-frames in our trend model, with support zones now found near $0.26 and $0.2475 and with resistance zones ahead near $0.28, and $0.30.
LTC/USD, 4-Hour Chart Analysis
LTC already tested the $75 level as we expected, hitting a marginal new swing high in the process, but the coin, so far, failed to produce another key breakout. The steeply rising short-term trendline is still intact, and while a more sustained corrective period could be ahead, judging by the coin’s current relative weakness, traders and investors could still hold on to their positions.
LTC is on a neutral short-term signal in our trend model, while being on a long-term buy signal with support zones now found near and $64, $56, $51, and $44, and with resistance zones ahead between $72.50 and $75 and near $85.
Featured image from Shutterstock
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.