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Cryptocurrency Analysis: Bitcoin Inches towards All-Time High

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Cryptocurrency Analysis: Bitcoin Inches towards All-Time High

Introduction

This article was posted on Friday, 12:03, UTC.

Quiet and bullish trading continues to dominate the crypto segment with Bitcoin leading the way higher. Bitcoin Cash continues to lose ground, falling to around 10% of the value of BTC after reaching up to the 25% on the first day of trading. Bitcoin is riding the momentum and the most valuable coin is now very close its recent short-term high near $2900 and the all-time high is also in sight at $3000.

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BTC/USD, 4-Hour Chart Analysis

The other majors are also drifting higher, with only the recently surging NEM entering a correction overnight. Ethereum Classic is a tad lower after yesterday’s rally while Ethereum, Ripple, and Litecoin are still yet to make a move. Dash and Monero are looking ready to challenge the key resistance levels ahead of them and the weekend could turn out to be interesting for the most bullish coins. Let’s see how the charts stand three days after Fork Day.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

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ETH remains just below the declining long-term trendline after trading in an extremely narrow range most of the week. The $235 level is still the primary resistance holding back the coin, with further supply found at $250 and near $270. With the long-term picture still being encouraging a break-out of the declining pattern remains likely.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin also traded sideways since yesterday in a narrow and low-volume range as the sector settled down after the Bitcoin fork. The currency is holding up above the short- and long-term support levels but the primary resistance at $44 remains in focus. The triangle pattern that dominated the market since the end of June is in danger now as the coin is drifting above the upper boundary, possibly signaling a coming break-out.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been creeping higher yesterday and overnight, and the coin is now right at the short-term resistance level near $190 with the $200 zone being the next major stop towards its all-time high. The declining short-term trendline is also ahead at $210 but we still expect a move to new highs and a test of the long-term range projection target above $250.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is still acting weak, despite the generally positive sentiment, as it remains glued to the $0.175 level. The coin traded similarly to the other majors since yesterday, but as the long-term tremdline is getting closer and closer, we expect volatility to pick up, and trading volumes to increase in the coming period. Support is found at $0.16, while crucial resistance is ahead around the $0.22 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC broke the $15 level but failed to launch a strong momentum move after providing a buy signal as it entered a low volatility range just as most of the other majors. The declining trendline is still ahead for the coin near $16.50 with strong resistance above that at $18. Crucial support is found around $14, and the long-term picture is still signaling a coming trend change.

Monero

XMR/USD, 4-Hour Chart Analysis

The $46 resistance level is still the main focus in the market of XMR, as the coin is holding up above the prior declining trendline, still being among the short-term market leaders. A rally above $46 would signal a test of the $50 level with a possible surge towards the prior high near $58. Support levels are at $42, $40, and $38.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM touched the 0.0009 level as it reached overbought territory yesterday, and entered a short-term correction. The break-out remains intact and the 0.000075 level is the most likely target for the correction. The long-term picture is still bullish and more upside is likely for the coin in the coming weeks.

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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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