Bitcoin is still all the rage in the crypto-segment, as the currency completed a 100% rally since the BIP 91 lock-in just three weeks ago, reaching $4250 this morning, for yet another new all-time high. The coin surged past our range-projection target and it’s now approaching danger zone regarding long-term momentum, with strongly overbought readings on the daily MACD.
BTC/USD, 4-Hour Chart Analysis
The rest of the majors are mixed with Ethereum and Ripple trading higher, the up-and-coming NEO and IOTA continuing their advance, while Monero, Litecoin, ETC, and Dash being virtually unchanged for the day and since last Friday. NEM is still in a volatile consolidation since hitting $30, as the total market cap of the coins hit $140 billion. The improving global sentiment could help the consolidating majors in the coming days, as BTC will likely start a correction soon after its stellar rally.
ETH/USD, 4-Hour Chart Analysis
ETH is still trading near the $300 level, after clearing the short-term overbought readings. The coin is getting close to the rising trendline, and another leg higher in the rally is more and more likely. Strong support is found at $285, while resistance is ahead near $330, with the long-term picture still being positive.
LTC/USD, 4-Hour Chart Analysis
Litecoin also remains in a narrow consolidation pattern, as it hovers around the $46 support/resistance level. The rising trendline and the $44 support level are converging with the short-term correction soon, providing a good entry point, as the MACD indicator is also back to neutral territory. Resistance is ahead at $50 and $56 while further support is found at $42.
DASH/USD, 4-Hour Chart Analysis
Dash is still trading in the triangle consolidation pattern near the $200 level after a quiet weekend. The coin remains set up for a rally towards the prior highs, and the long-term target near the $260 level. Both the short- and long-term momentum is neutral, with strong support found at $190, and near $170.
XRP/USD, 4-Hour Chart Analysis
XRP still failed to move out of the long-term correction pattern during the weekend, following the declining trend line lower after a rally attempt. The coin has found support at $0.165 one more time, with the $0.18 and $0.22 levels still being ahead as primary targets for a bullish move. Short-term traders should still expect choppy conditions until a clear break-ut formt eh current pattern.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic also moved down towards the primary support level near $14 on Sunday. The coin has been closely following the path of Ripple, being the two clear laggards among the majors. The long-term picture is neutral, and a move out from the dominant correction pattern is likely in the coming period, with resistance ahead at $16, and $18.
XMR/USD, 4-Hour Chart Analysis
Monero is trading in a short-term consolidation pattern, still above the crucial $46 support level, as the MACD got back to neutral after the previous strong rally. The uptrend is likely to continue in the coming days, with $52 and $58 levels ahead as resistance. Below $46, further support is found at $42 and near $37.
NEM/BTC, 4-Hour Chart Analysis
NEM spiked below its breakout level against BTC amid the strong Bitcoin rally, but it remains bullish long-term and the pair found support at the key 0.0000575 level today. The coin could rally back above the 0.000065 level quickly, and a re-test of the 0.00009 level is also likely, when BTC enters a correction.
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