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

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


This article was posted on Friday, 08:18, UTC.

Coins rebounded strongly yesterday after the morning massacre as both Bitcoin and Ethereum respected the support levels that we have been monitoring. The quick correction sliced a large chunk out of the capitalization of the majors, but the whole segment “only” lost a bit more than 10%, as of now, according to Coinmarketcap.

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The total market value is at $104 billion after the rebound, with Bitcoin share down to just 37%, an incredibly low number compared to even a few month ago. Ethereum gained further ground today during the rebound, and it is now just 20% below BTC’s market cap. The short-term trend is still negative for the segment, so traders should still wait before jumping back in with full positions.


BTC/USD, 4-Hour Chart Analysis

Bitcoin’s price fell as low as $2150 during yesterday’s leg of the correction, and it is still almost 20% below its all-time high at $3000. BTC looks bearish compared to Ethereum, Dash, and Litecoin, with the $2450 level and the short-term trendline at $2500 providing resistance. Short-term traders should still avoid Bitcoin until the trend turns higher again.


ETH/USD, 4-Hour Chart Analysis

Ethereum is also in a short-term downtrend against the USD below the $350 level, but the technical picture looks way healthier, and the BTC pair is still well within its strong uptrend. The coin bounced off exactly from the $250-$270 target zone, gaining more than 20% since yesterday’s bottom. Ethereum is likely to outperform Bitcoin, even if the correction has more fuel in the coming days.

ETH/BTC, 4-Hour Chart Analysis


XRP/USD, 4-Hour Chart Analysis

Ripple continued its gruelling consolidation during the correction, falling below the 0.22 support and testing the 0.20 level in the process. The coin failed to give a long-term buy signal against the USD and BTC, so far, and the coin is still a hold at best below the $0.25 level, while the BTC pair also needs to hold above the 0.00011 level to confirm relative strength.

XRP/BTC, 4-Hour Chart Analysis


LTC/USD, 4-Hour Chart Analysis

Litecoin quickly recovered to the key $30 level once again, proving its relative strength against Bitcoin, and the strong support below the current price. The coin is still stuck below the $32 resistance on the USD chart, but the BTC pair is already in a new uptrend after breaking out from the long-term consolidation pattern.  The USD pair remains short-term neutral, as the technical setup is unchanged despite the recent volatile period.

LTC/BTC, 4-Hour Chart Analysis


DASH/USD, 4-Hour Chart Analysis

Dash showed strength once again yesterday, as it recovered above the prior high near $150 following the spike back in the recent narrow consolidation range, providing a good long-term entry point. The short-term downtrend is still intact below the key $166 level, but the coin remains among the strongest technically.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic also got hit hard during the correction, and it failed to recover above its prior resistance as Dash although the two coins broke out to new highs around the same time last weekend.  The coin is in a short-term downtrend as well, with the $18 level also ahead as a strong obstacle before the trend could reverse. That said, the long-term picture remains bullish and investors could add to their positions in the case of more consolidation.


XMR/USD, 4-Hour Chart Analysis

Monero is looking weak after yesterday’s correction, with only a relatively weak bounce off the lows compared to the likes of Ethereum, Dash, and Litecoin. The short-term downtrend is intact and traders should avoid the coin before some healing of the technical picture. The coin is trading near the $46.50 resistance, while the short-term trendline is roughly at the key $50 level currently.

Featured image from Shutterstock

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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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