Cryptocurrency Analysis: Bitcoin Inching Towards Highs as Other Majors Remain Weak | Hacked: Hacking Finance
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Cryptocurrency Analysis: Bitcoin Inching Towards Highs as Other Majors Remain Weak

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Cryptocurrency Analysis: Bitcoin Inching Towards Highs as Other Majors Remain Weak

Introduction

This article was posted on Monday, 15:20, UTC.

The division between BTC and the other major coins is still apparent today, as capital is drifting towards the most valuable coin before tomorrow’s much-awaited events. BTC is back at the $2800 price level now, and a rally towards $3000 still looks likely in the coming days, with strong support found at $2600 and below that between $2450 and $2500; but beware tomorrow’s session might be tricky.

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BTC/USD, 4-Hour Chart Analysis

Ethereum and the other majors continue to be relatively weak, edging lower today in early trading. The total value of the crypto-segment is stuck at $90 billion, with only BTC taking market share for the rest of the sector. Bitcoin is at 52% of the market, as the confidence in the currency returned in the past two weeks. ETH, Ripple, Monero, Ethereum Classic, and Litecoin haven’t moved significantly during the weekend, but the coming days will likely bring an increase in volatility, so let’s see how the charts look today.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

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Ethereum stayed above the crucial $175 level during the weekend but, it failed to join the rally of BTC despite the rebound. The technical setup is unchanged, with the long-term correction pattern still being intact and the major resistance levels being at $200, $235, and $250.

Litecoin

LTC/USD, 4-Hour Chart Analysis

LTC is still hovering around the $40 level, inside the triangle consolidation formation, which has been dominating the market since early July. The $38 and $44 levels define the trading range of the currency, and with the long-term picture being back to neutral, we still expect a move up to the $50 level in the coming period.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been trading between $170 and $190 in the past days, with no strong momentum in either direction. The rising long-term trend is still intact, and we still expect a move to new highs despite the current short-term correction pattern.

Ripple

XRP/USD, 4-Hour Chart Analysis

The $0.16 support held Ripple during the weekend, but the coin remains relatively weak compared to the other majors, and the $0.18 level is still ahead as major resistance. The more than two-month long correction pattern remains dominant, but the oversold long-term momentum readings still point to an ongoing bottoming process.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is also among the weaker coins as of late, but the crucial support zone around $13.50 continues to hold, keeping the short-term picture neutral. The Traders should still wait for a move above the $16 before entering new positions, but investors could still add to their holdings here.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero has been the most volatile coin during the weekend, as it declined to $40 off the strong $46 resistance level after being relatively strong last week. The coin remains bullish above the $37 level, and with the prior declining trendline being right at the current price, a good entry point could be near for traders.

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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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