The bull market in cryptocurrencies continues to make headlines, as BTC and Dash registered another great day, both hitting new all-time highs. Bitcoin only breached its prior record price by a small margin, while Dash shot up by 15% as its triangle consolidation finally ended. The coin turned lower from a tad below our long-term range projection target, but it remains in a clear uptrend and more gains are very likely in the coming days.
DASH/USD, 4-Hour Chart Analysis
Ethereum has is also up once again today, just as most of the majors, with only NEO and NEM being meaningfully lower amid the broad rally. Ripple and ETC continue to be the weakest majors, while Litecoin recovered to its uptrend after a brief dip. As the rotation of capital between the majors continues, traders should be looking for buying opportunities in most the majors.
BTC/USD, 4-Hour Chart Analysis
Bitcoin got close to the $4500 level, despite being severely overbought, as buyers pushed the price of the coin above its prior high in early trading. The currency now has a market cap of almost $75 billion, as the total value of the segment is nearing $150 billion. We still expect a deep correction in the coin, although it could take time to build a top after the monster rally. Major support levels are found near $3800, $3500, and just below $3000.
ETH/USD, 4-Hour Chart Analysis
ETH is trading near its prior swing higher after the correction in the beginning of the week, and the coin looks ready for another leg higher in the ongoing uptrend. The MACD indicator just provided a bullish cross, as the token respected the $285 support. Resistance levels are ahead near $330 and above that at $380.
LTC/USD, 4-Hour Chart Analysis
Litecoin is back on a short-term buy signal after recovering to its uptrend. The coin is trading near the $44 level currently and we still expect a rally to $50, and a test of the all-time highs slightly above $56. Resistance levels are found at $46, and $50, with the strong support at $42 and below that at $38.
XRP/USD, 4-Hour Chart Analysis
Ripple hovering around $0.16 after showing some short-term strength in the last couple of days. The coin is still well inside its declining long-term trend, with the dominant trendline currently being at $0.18. The currency is in neutral territory regarding both short- and long-term momentum, and traders should still wait for a break-out before entering new positions.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is right at the mid-point of its key support zone today, trading at $14. The coin is still in a similar situation to Ripple, but the declining trendline is closer, and a break-out above $15 would already trigger a new buy short-term buy signal. As the long-term momentum is still neutral, investors could still add to their positions.
XMR/USD, 4-Hour Chart Analysis
Monero is virtually unchanged this week as its holding up above the crucial $46 support level, in a short-term consolidation pattern. The coin is still among the most bullish majors, and a rally towards the all-time high near $58 is likely in the coming weeks. Traders should look for a break-out from the current pattern, as a clue for a new leg higher.
NEM/BTC, 4-Hour Chart Analysis
NEM is trading in a volatile range against BTC, within the long-term base formation. As we expect Bitcoin to enter a deep correction, the pair should re-test the 0.00009 level, but more sideways action is possible in the coming days. Support levels are found near 0.0000575 and 0.000048, with primary resistance still ahead at 0.000075.
Featured image from Shutterstock