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.
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.
BTC, 4-Hour Chart Analysis
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.
XRP/BTC, 4-Hour Chart Analysis
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
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
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
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/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