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

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


This article was posted on Friday, 16:35, UTC.

The coin market is peaceful today, in stark contrast to some of the recent Fridays, with low volumes and modest gains across the board. The majors got a slight boost from the surprising results of the British snap-election, and in contrast with traditional safe-haven assets, like gold and the Yen, the coins held on to their gains, proving their short-term strength once again.

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ETH and BTC are still leading the way higher, and although Litecoin has been showing signs of strength, it is still sticking to the $30 level, as does Ripple with the $0.30 resistance, while Monero and Dash continue to look promising. Tomorrow, we will take a step back and look at the longer-term charts of the majors but now let’s see the short-term setups.


BTC/USD, 4-Hour Chart Analysis

As we noted yesterday, Bitcoin has likely formed a new swing low near $2000, as it continues its relentless short-term rise. BTC is now trading close to its all-time high from earlier this week, which corresponds with the 23.6% Fibonacci extension level.  The Fibo-based short-term targets are still found at $3050 and $3260.


XRP/USD, 4-Hour Chart Analysis

Not much has changed recently regarding XRP, although the short-term relative strength that we noted yesterday evaporated in the XRP/BTC pair. The dominant declining trend-line is still keeping the coin from a buy signal, while the Dollar continues to be held back by the 0.30 level.

XRP/BTC, 4-Hour Chart Analysis


ETH/USD, 4-Hour Chart Analysis

Ethereum crept higher along the rising trendline today, getting back to its all-time highs and the 23.6% Fibonacci-extension after bouncing off the $250 support once again. A break below the trendline would still warn of a re-test of the previous all-time high near $233.  The BTC pair is still well above the crucial support zone near 0.085, inside a bullish consolidation pattern.

ETH/BTC, 4-Hour Chart Analysis


LTC/USD, 4-Hour Chart Analysis

Litecoin is still dominated by the $30 support/resistance level in the USD pair, despite showing relative strength yesterday.  The BTC pair couldn’t follow through on Thursday’s pop, as it’s still stuck below the 0.0115 resistance level.  The bullish long-term setup is still intact, but the frustrating sideways short-term price action continues.

LTC/BTC, 4-Hour Chart Analysis


XMR/USD, 4-Hour Chart Analysis

Monero is the best performing major so far today, with a gain of 5% in the XMR/USD pair, still being on a buy signal, trading just below its all-time high. The currency has strong support in the zone around the $47.5 level, while the rising short-term trendline is currently found at $50. A break-out to new highs is still more likely, with the prior high at $58 acting as resistance and the first Fibo-target found near the $66 level.


DASH/USD, 4-Hour Chart Analysis

The Dash/USD pair is still trading in the narrow range below the strong $150 resistance, although the currency got very close to its prior high today after rising by 4% in early trading, and showing strength compared to Bitcoin. A break-out above $150 would provide an initial target of $166, with further possible resistance zones near $176 and $183.

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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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