Cryptocurrencies Mixed as Litecoin Hits Highs and Nears Targets

The major coins dipped lower after a promising start on Tuesday, as momentum remained weak in the low volume environment. Litecoin hit a new high in early trading, while NEM and Dash were also relatively strong, with Ethereum still being stuck below $300 and Bitcoin trading near the $2600 level throughout the week. Today’s session might be a crucial one after the 4-day low volume period, and the next significant move could define the sentiment of the week, while also turning the tide on the long-term charts.

Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin is trading in a very narrow range near $2600, as volatility declined considerably during the weekend, while correlations broke down between the two majors and the rest of the coins, signaling the end of the liquidation period. That said, the declining short-term trendline is still close to the current rate, and the most valuable cryptocurrency might be in for more sideways price action, before the Judgement Day of BTC in August.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum has been acting week throughout the weekend and the Independence day holiday, and the coin is still trading below the $275 level and the declining short-term trendline, while several of the smaller coins are already in short-term uptrends. The currency remains in a neutral short-term trend above the $250 level, while a dip below that support could open up the way to $230 or a re-test o the lows near $200.

ETH/BTC, 4-Hour Chart Analysis

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still hitting new highs, reaching the $55 level overnight and getting close to our range-projection target near $58. The coin remains well inside the rising long-term trend, but we suggest to reduce their long positions near the $58-60 zone, as a more pronounced consolidation phase could follow the 90% rally since the break-out at $32. The MACD indicator is getting close to oversold territory, also favoring caution, and opening new positions at this level is not advised.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still looking bullish although yesterday’s rally halted near the primary resistance at $190 once again. The prior highs at $200 could be tested in the coming days, and a break-out to new highs is likely, with target levels at $217 and just above the $250 level. A break below $160, on the other hand, would signal a bearish change in the short-term trend, with further strong support near $150 and below that at $140.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple remains inside the dominant trading ranges, showing some relative strength compared to Bitcoin and Ethereum this morning. The long-term setups are unchanged in both the BTC and the USD pairs, and we still advise short-term traders to wait for a move before taking on new positions, while long-term investor could still accumulate XRP inside the consolidation patterns.

XRP/BTC, 4-Hour Chart Analysis

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC has gone through a volatility compression during the weekend and the July 4th period, with very small movements in the recent days, hovering around the $17.50 level. The declining short-term trendline is still intact and before a move above that, the coin remains neutral, while a dip below the $16 support would be a bearish turn and could signal the re-test of the $14.50 zone.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero has been trading similarly to ETC in the last few days, being stuck below the short-term declining trendline and a volatility compression pattern following the strong moves of the last week. A move above the trendline resistance at $47.50 would trigger a new buy signal, and a possible test of the $58 high, with the short-term picture still being neutral.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM surged back to its long-term base formation yesterday but the rally halted near the declining trend line once again, and although the weekend move is encouraging, the short-term picture is neutral. A move above the 0.000075 level would provide a new buy signal after the long correction period.

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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.