Ethereum leads the way this weekend in the crypto market, with a more than 10% rise today, while several other majors broke-out or are nearing break-out points. The smaller coins are having a rough day, as Ethereum, Bitcoin, and Dash attracted capital today and in the past few days and especially today. Tomorrow’s session could be crucial, as the normal trading hours resume, and we expect volatile trading conditions as from early morning.
Dash broke-out to a new all-time high this morning in Asian trading quickly reaching our targets for the move and bouncing off the $200 level for now. The price is currently right at the $183 resistance at the 50% Fibonacci Extension. The currency has been consolidating for more than three weeks, so there still should be ample “fuel” for the rally to surpass $200, with the range-projection target being at $216.
ETC also broke-out from a lengthy bullish consolidation pattern, right from the convergence zone that we pointed out previously. The coin bounced off the $20 level, and it’s still shy of the previous high near $22. A re-test of the highs is at least expected after the break-out, with a possible move to $25 in the coming days.
Litecoin is also attempting a break-out from its own consolidation pattern, as it moved above the $31 level, but so far the rally stalled at the $32 resistance. Above $32 further resistance is expected at $34.5 and near the prior high at $38. LTC/USD is still on a buy signal, and a move above $32 would confirm the new short-term uptrend.
ETH surged higher during the weekend hitting all our targets in the process. The coin is now in overbought territory on both long- and short-term charts, signalling a possible correction in the coming days. Short-term traders could take profits now, while long-term investors are advised to wait until the overbought condition clears before adding to their positions.
Bitcoin has also moved higher during the weekend, although it’s lagging Ethereum and upside momentum is weak. BTC is expected to run into resistance at $3000 that coincides with the top of the short-term rising wedge formation. The move above the prior high confirmed a new swing low at 2600, which is now providing primary support.
Featured Image From Shutterstock