Cryptocurrencies experienced a swift correction overnight, once again led by Bitcoin, but the downward momentum stalled later as BTC rebounded and carried altcoins higher as well. Whether or not the crypto-coin market is in for another steep correction is still a question, but the market settled down. NEM and Dash are among the laggards, while Litecoin and Ripple are performing somewhat better than average.
BTC/USD, 4-Hour Chart Analysis
BTC might be developing a new swing low near the $2600 level, which would be confirmed by a new high above $2900. The currency is currently trading near the prior all-time high, inside a short-term consolidation pattern. BTC remains on a buy signal, with the rising short-term trend still being intact. The Fibonacci based short-term targets for a move higher are still at $3050 and $3260.
XRP/BTC, 4-Hour Chart Analysis
XRP was among the better performing cryptocurrencies today, as it recovered well from the overnight correction and remained promising compared to BTC, holding above the 0.10 level. Ripple might still be in for a period of relative strength especially if XRP/BTC breaks out above the dominant declining trend-line, which could propel a move in the USD pair as well. A break below 0.10 would be a bearish sign and it could set up a move to 0.08.
XRP/USD, 4-Hour Chart Analysis
ETH/USD, 4-Hour Chart Analysis
Ethereum is still trading between the $250 and the $265 levels in the USD pair, getting close to the rising trendline. A break below that would warn of a re-test of the previous all-time high near $233. ETH/USD is still a hold, but it’s getting close to a short-term sell signal. The BTC pair is well above the crucial support zone near 0.085, still in a bullish consolidation pattern.
ETH/BTC, 4-Hour Chart Analysis
LTC/USD, 4-Hour Chart Analysis
LTC have been relatively strong today, gaining some ground in the BTC pair following the overnight correction, and staying above the key support levels amid the pull-back. The BTC pair is trading in the convergence zone that we have been monitoring, but it might be on its way to breaking-out, which would be confirmed by a move above 0.0115 in the Bitcoin pair and a rally above $30 in LTC/USD.
LTC/BTC, 4-Hour Chart Analysis
XMR/USD, 4-Hour Chart Analysis
XMR/USD remains on a buy signal, and it’s still among the most bullish looking majors, even after the failed break-out attempt two days ago. The MACD indicator I neutral right now, the lack of volume during the correction is promising, and a break-out to new highs is still more likely, with the prior high at $58 acting as resistance.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is still trading in a narrow consolidation pattern in the USD pair, below the previous highs above $20. ETC is approaching a decision point, with a convergence zone coming up in a couple of days. The MACD indicator is neutral after the lengthy consolidation period, so a significant move is likely during the next week.
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