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Cryptocurrency Analysis: Bitcoin, Ethereum, Litecoin, Ripple, Dash, Ethereum Classic, Monero

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Cryptocurrency Analysis: Bitcoin, Ethereum, Litecoin, Ripple, Dash, Ethereum Classic, Monero


This article was posted on Monday, 07:53, UTC.

The cryptocurrency market had a relatively calm weekend after the strong correction and rebound on Thursday and Friday. Litecoin’s surge to a new all-time high was the most important move of the period, while Dash also confirmed the relative strength that it has been showing, as it crept back up to the $200 level. ETC also broke out of its short-term downtrend and spiked above its recent highs. BTC and ETH moved in narrow ranges throughout the weekend, while Ripple briefly showed signs of strength.  Bitcoin is still acting weaker than Ethereum, and that could define trading during the week, as the difference between the values of the two market leaders is shrinking rapidly.

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BTC/USD, 4-Hour Chart Analysis

Bitcoin’s price recovered well after falling to $2150, but it remains stuck below the key $2600 level, lagging several majors during the bounce. As the uncertainty regarding the next few months of the coin is mounting, the relative weakness of BTC might signal more correction in the coming weeks.  The $2450 support is the other key level to watch, and a move below that could set up a re-test of last week’s low.


ETH/USD, 4-Hour Chart Analysis

Ethereum looks much better than BTC technically, especially given last week’s monster rally, and the subsequent strong correction. Both the BTC and the USD pairs are in a clear long-term uptrend, and ETH/USD is also on a short-term buy signal above the $350 level. We expect further outperformance from Ethereum, with the ETH.BTC pair possible moving for a test of the prior high near 0.15, while the USD remaining above the $300 support even in the case of another leg of the correction.

ETH/BTC, 4-Hour Chart Analysis


LTC/USD, 4-Hour Chart Analysis

Litecoin finally broke-out from long-term consolidation pattern and quickly reached and surpassed the previous highs near $38. The move hit our primary target at $44 and spiked above $47 before entering a consolidation phase. The long-term trend is clearly bullish, but more corrective action is likely before another move higher in the USD pair, with the next major target being at $51.

We still suggest taking profits after the strong move, and holding on to a smaller short-term position, while keeping the long-term core positions. The BTC pair confirmed the new uptrend with the weekend move, and it looks to be headed to 0.02 and to the prior high at 0.022 in the coming weeks, with primary support now at 0.015.

LTC/BTC, 4-Hour Chart Analysis


XRP/USD, 4-Hour Chart Analysis

Ripple had another brief period of relative strength during the weekend, but the coin failed to follow through on that once again, leaving the long-term consolidation pattern intact without giving a clear buy signal. The BTC pair remains in a narrow range around the 0.0010 level, while the $0.30 resistance is still holding back the USD pair.

XRP/BTC, 4-Hour Chart Analysis


DASH/USD, 4-Hour Chart Analysis

Dash continues to show strength, trading right at the $200 level after the healthy rebound and the break above the short-term downtrend. The coin is on a short-term buy signal above $175, with a primary target of $217.Further support levels are found at $167 and $150.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC quickly rose above the $18 level and reversed its short-term downtrend as well, getting slightly above its previous.  The coin is also on a short-term buy signal above the $20 level, and a break-out above $23 would have targets at $26.25, $28, and near $30.


XMR/USD, 4-Hour Chart Analysis

Monero is still among the weaker majors, despite trading above the $50 level, as the $54.50 resistance stoped the move higher during the weekend. A move above that level would trigger a short-term but signal, but for now, we suggest short-term traders to avoid the currency.

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Mate Cser

Mate Cser

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.

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