Stratis and Bytecoin are the two most active coins today being up by close to 50%, while Ethereum, Bitcoin are doing nothing, probably frustrating a lot of traders who are waiting for the next big move. That said, things are looking much better than one week ago, when the “Friday-Curse” struck again, and all the major coins dropped sharply. Ripple has pulled back after yesterday’s run, but the XRP token still looks interesting in the short run. We could be in for a less busy weekend, and again, Monday will be a holiday in a lot of countries so volumes might remain lower than usual. Let’s see how the charts are shaping up!
ETH respected the trend-line resistance in the ETH/BTC pair, and it’s drifting lower towards the strong resistance zone between 0.08 and 0.085. A possible entry point is developing near the confluence of the rising trend-line and the 0.085 level. Below 0.008, the 0.064 level might come into play, but that scenario is less likely, given the strong uptrend. The MACD indicator is still retreating from overbought territory, but the long-term trend is not in danger as of now.
Bitcoin got a lift from the positive news coming out from China which might mean that the country will finally be taking steps in the right direction, opening up a new pool of buyers for the segment. BTC remains on a buy signal above the $2350 level, but caution is still advised following the epic run-up of the recent months, and should Bitcoin fall below that support level, the rising trend-line could be in danger. Long-term investors should definitely hold their core positions, and add to it if another round of the correction comes.
XRP is holding on to its break-out gains although the upside momentum stalled today and the token remains below its recent highs. Short-term support is at 0.265 with the very with a crucial zone just below that, around the 0.24 level. The MACD indicator is still somewhat bullish, but short-term traders should be aware of a break below the 0.265 line.
Litecoin is in a holding pattern right at the 27.50 level, and the rising short-term trend that originated off the bottom of the deep correction is in danger. The chart looks fragile, and without breaking above at least the 30 resistance level, LTC should be avoided, although the long-term prospects are clearly positive. Investors should be looking for levels to add to their core positions in the case of further correction.
Dash is in a similar pattern as LTC following the strong bounce off the lows, as the short-term holding pattern is converging with the rising short-term trend-line. Short-term traders should avoid Dash right now IMHO, while long-term investors should be ready to by more if the coin enters the next phase of the correction. That said, a move above the current short-term pattern could trigger a new buy signal.
ETC has experienced the lowest volatility among the majors lately, trading in a triangle pattern for the past few days. While the long-term picture is still among the most bullish on the coin market I expect a re-test of the support zone near 14, before another sustained move higher. The current sideways price action is very tricky, so short-term traders should wait for more momentum before jumping in, while long-term the coin remains a hold.
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