Cryptocurrency Analysis: Major Coins Hold Lows as Ethereum Stuck at $200 | Hacked: Hacking Finance
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Cryptocurrency Analysis: Major Coins Hold Lows as Ethereum Stuck at $200

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Cryptocurrency Analysis: Major Coins Hold Lows as Ethereum Stuck at $200

Introduction

This article was posted on Friday, 07:59, UTC.

The crypto-market experienced another short-term sell-off yesterday, but the major coins all managed to hold above their prior lows, as the downside momentum weakened and the small cap coins also stopped hitting new lows. While a trend change is not yet confirmed, the long-term picture continues to be encouraging, and the market could be ready for a move out from the one-month long correction pattern

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The strongest coins of the market of the rally, Dash and Litecoin remain inside their short-term consolidation pattern while Ethereum Classic is holding on to most of its recent gains after the pull-back. Let’s look at the how the majors held up during yesterday’s drop.

Bitcoin

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BTC/USD, Daily Chart Analysis

Bitcoin remains inside the declining trend that defines the long-term correction, although it showed considerable relative strength during last weekend’s sell-off. The currency is still hovering around the $2350 level, below the crucial $2450 resistance, and until a move above that, the short-term trend is negative as well. Primary support is at $2250, with another strong level at $2150, marking the low of the long-term correction.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum has been leading the market lower last week, as the strong decline in small cap coins weighed heavily on the token. ETH fell back below the key $200 level, but it finally showed short-term relative strength, and held up above the correction lows as well.  The coin is still well inside its correction pattern and only a move above $235 would signal a short-term trend change. That said, the almost 60% correction, and the now slightly oversold long-term picture points to a possible long-term bottom.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is consolidating in a short-term triangle pattern, near the $45 level, but it failed to launch another rally attempt so far, as the broad sell-off weighed on the coin. A move above the current pattern would still signal a rally towards the range-projection target at $58, despite the slightly overbought long-term picture, and the approaching rising trendline.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash remained below both the crucial short-term support/resistance level at $190, and the consolidation pattern during the recent rally and is yet to provide another short-term buy signal. The long-term uptrend remains intact, with a really towards the prior high at $220 and hte long-term target near $260 still being likely in the coming period.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is trading back in it two-month long correction pattern after the sharp moves at the beginning of the week, with the $0.21 and $0.18 levels being currently in focus. The declining long-term trendline is currently at 0.24 and until a move above that line short-term traders should still avoid the coin, while long-term investors could still add to their positions here.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC remains the only major coin on a short-term buy signal after holding up above the prior declining trend-line. The token trades near the $18 level this morning, and a move above $20 should signal at least a re-test of the prior high at $22, although a break-out could still be down the road, as the biggest coins remain in a correction for now.  Short-term support is now at $16 with another storng level at $14.50.

Monero

XMR/USD, Daily Chart Analysis

XMR remains among the weakest majors short-term while the long-term picture still shows strong support at $37, providing a good entry point to investors. The base formation between $32 and $37 should hold during the current correction, but until a move above the declining trendline, currently at $45, traders should be cautious with new positions, while the currency is also facing strong resistance at $46.

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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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