Crypto Update: Coins Spike Higher As ETH Forms Swing Low

The major cryptocurrencies surged higher today following a bearish start to the week, and while not all of them managed to top their prior swing lows, the two most valuable coins succeeded in that. BTC is now back above $10,000 while ETH topped the key $230 level, once again confirming the long-term trend change in the segment. While the top coins are ripe for a deeper correction, the short-term uptrends are clearly intact there is no sign of an immediate selloff.

The overbought short-term momentum readings have been all but cleared in the segment, and ETH and XRP even got upgraded from a short-term standpoint thanks to today’s rally. With that, our trend model is now once again bullish across the board on both time-frames, and with the previously dominant long-term trendlines getting further and further, the outlook continues to improve.

BTC/USD, 4-Hour Chart Analysis

While BTC hasn’t shown meaningful bullish follow-through strength today after moving above its weekend high, it has been relatively strong compared to most of its peers today. The coin is also neutral from a short-term momentum perspective, while being in a clearly rising short-term trend, so a test of the $11,300 level could still be ahead despite the lofty gains of the past few weeks.

BTC is still on buy signals on both time-frames in our trend model, with support zones now found near $10,000, $9,200, $8,600, and $8,400, and with resistance ahead near $11,300, and $13,000.

ETH/USD, 4-Hour Chart Analysis

ETH has been leading the way higher today surging past the key long-term $230 resistance level following the choppy consolidation of the past few days. The coin also confirmed a new short-term swing low, and a renewed steep short-term uptrend trend. Since it almost cleared the overbought short-term momentum readings a rally up to the next major support zone is in the cards now.

Our trend model is now on buy signals on both time-frames, with major support zones found near $230, $200, and between $180 and $185, and with resistance zones ahead near $260 and $275.

XRP Fails To Break Out As LTC Recaptures $75

XRP/USD, 4-Hour Chart Analysis

XRP ticked higher today together with the broader market, and while it is back near the key $0.28 level, it fell short of its prior swing high. The coin continues to show relative weakness compared to its closest peers, but as the segment-wide trends are clearly upbeat, we could still soon see a test of the $0.30 price level.

Our trend model is now on buy signals on both time-frames, with support zones found near $0.26 and $0.2475 and with resistance zones ahead near $0.28, and $0.30.

LTC/USD, 4-Hour Chart Analysis

While LTC is also stuck below its prior short-term swing high, it is in a much better technical shape compared to XRP by almost all measures. The coin’s weak short-term momentum could still foreshadow a deeper correction, but as they previously dominant long-term trendline is in a safe distance, bulls remain clearly in control of LTC’s market.

LTC is on buy signals on both time-frames in our trend model with support zones now found near $75, $72.50, $64, $56, and $51, and with resistance zones ahead near $85 and $90.

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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.