Cryptocurrency Analysis: Bitcoin Near All-Time High, Ripple, Ethereum, Monero, Stellar, Stratis | Hacked: Hacking Finance
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Cryptocurrency Analysis: Bitcoin Near All-Time High, Ripple, Ethereum, Monero, Stellar, Stratis

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Cryptocurrency Analysis: Bitcoin Near All-Time High, Ripple, Ethereum, Monero, Stellar, Stratis

Introduction

This article was posted on Tuesday, 00:50, UTC.

The crypto-market trended broadly higher today, as the most valuable currency was boosting the segment, after a quiet and sideways weekend. Ethereum is unchanged after the break-out to new highs yesterday, as the $250 level is acting as resistance for now. XRP is still trading in a low-volatility range, hurting short-term traders, while preparing for the next major move.  The up and coming stars are in a consolidation with Stratis, Waves, DigiByte, and Siacoin all still trading below their recent highs against BTC.

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The total value of the market is creeping higher again, passing the $95 billion level, getting very close the historic $100 billion mark. With some interesting setups shaping up, trading activity is expected to increase during the week, providing plenty of trading opportunities both in the majors and the rising coins.

Bitcoin

BTC, 4-Hour Chart Analysis

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Bitcoin continued to drift higher during the weekend, and now it’s only 10% off its all-time high, now trading above the $2600 level.  BTC has been very resilient following the steep selloff ten days ago and that stabilized the altcoins as well. A re-test of the previous high seems likely in the coming days, and although a long-term double-top formation is not ruled out, a break-out to new highs could be in the works. Bitcoin is a hold now, but speculative long positions could be opened in anticipation of a break-out.

Ripple

XRP/BTC, 4-Hour Chart Analysis

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XRP is consolidating near the $28 level in the USD pair, while trending lower compared to the rallying BTC. XRP/USD is still on a buy signal since breaking-out from the two-week long consolidation pattern, but the current relative weakness compared to BTC points to more consolidation, so traders should wait for signs of strength before opening new positions.

XRP/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum hasn’t followed through on yesterday’s break-out against BTC, as it rebounded off the 0.10 level, but as of now, it’s still inside the advancing trend channel, and its right at its all-time high in Dollar terms, just below the $250 level.  The upside targets for the rally are around $280 and $300 but a move below $230 would warn of re-test of the $200 level.

ETH/BTC, 4-Hour Chart Analysis

Monero

XMR/USD, 4-Hour Chart Analysis

XMR is showing relative strength against BTC, and it might be ready to launch a rally towards the previous all-time highs at $58 on the Dollar pair in the coming days. With no significant resistance zones found above the $50 level, an advance above that would be a very bullish sign.

XMR/BTC, 4-Hour Chart Analysis

Stellar Lumens

STR/BTC, 4-Hour Chart Analysis

Stellar has been acting weak recently compared to BTC, and it remains in a downtrend. The coin has to hold above the 0.0000135 support, and traders should wait for a break-out from the short-term consolidation pattern on the STR/BTC chart before opening new positions in either the BTC or the Dollar pair.

Stratis

Stratis/BTC, 4-Hour Chart Analysis

Stratis continues to struggle with the resistance it hit over the weekend against BTC, and it broke below the rising short-term trend-line in the pair, which also warns of further correction. Short-term traders should still avoid the coin, with the 0.2875 level still providing a possible turning point for Stratis, should the correction continue.

Featured image by BTC Keychain

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Feedback or Requests?

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.

Comments
  • user

    AUTHOR bitsurfer

    Posted on 12:55 am June 6, 2017.

    Thanks Mate!

  • user

    AUTHOR Ershad

    Posted on 12:56 am June 6, 2017.

    Hi Mate,

    Thanks for your article, I wanted to ask what are you thoughts regarding Steem?

    Kind regards,
    Ershad

    • user

      AUTHOR Ershad

      Posted on 12:57 am June 6, 2017.

      Also Mate, what is the target for XRP?

      Kind regards,
      Ershad

      • user

        AUTHOR Mate Cser

        Posted on 1:07 am June 6, 2017.

        Hi Ershad,

        Steem is on the watchlist, stay tuned for a trade recommendation! If you have are holding, it’s still looking good, I wouldn’t sell here.

      • user

        AUTHOR Mate Cser

        Posted on 1:10 am June 6, 2017.

        If it breaks out from the current pattern, my initial target would be around the prior high on the Dollar pair, near 0.42. For now, XRP looks suspiciously weak.

  • user

    AUTHOR ezra

    Posted on 2:19 am June 6, 2017.

    Hi
    I really enjoy your analysis as a newbie
    Anyways I’m holding onto a lot of ethereum for past few weeks I made a pretty good haul but it’s stagnant now.. getting a bit nervous – you don’t think it’s heading for a small correction to 200$? I don’t want to wipe out most of my gains. When do you think I should sell? Or you think I should hold for awhile?

    Thanks

  • user

    AUTHOR MSNP05

    Posted on 7:31 am June 6, 2017.

    What about LTC ? My holdings are so high there

  • Thanks for an excellent analysis !

  • View Comments (8) ...
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