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Cryptocurrency Update: Ethereum, ETC, Dash, Litecoin, Bitcoin

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Cryptocurrency Update: Ethereum, ETC, Dash, Litecoin, Bitcoin

Introduction

This article was posted on Sunday, 18:59, UTC.

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.

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Dash

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.

Ethereum Classic

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

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.

Ethereum

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

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.

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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.

Comments
  • user

    AUTHOR bitsurfer

    Posted on 7:43 pm June 11, 2017.

    Thanks Mate!

  • user

    AUTHOR kochelli

    Posted on 4:23 am June 12, 2017.

    Is there any way I could find the time that your pieces are posted? It seems necessary to know if the news I’m reading is new or 6 hours old as it obviously makes a difference.

  • user

    AUTHOR jedadoo

    Posted on 5:57 am June 12, 2017.

    Jim just tweeted a bullish signal on ETH. What do you feel?

    • user

      AUTHOR Mate Cser

      Posted on 7:19 am June 12, 2017.

      We use different approaches, and sometimes those don’t agree on the short-term outlook, but that’s fine. Right now I feel that it is better to wait for a more promising set-up. I wouldn’t tell you to short ETH, that’s for sure 🙂

  • user

    AUTHOR manuelg

    Posted on 8:29 am June 12, 2017.

    What do you think about the IOTA Coin, that get tomorrow launched on bitfinex ?

  • user

    AUTHOR gullyfoyle

    Posted on 10:18 am June 12, 2017.

    Mate, can you tell me what exactly made the ETC consolidation particularly bullish?

    • user

      AUTHOR Mate Cser

      Posted on 9:07 pm June 12, 2017.

      Yes, ir was shallow, considering the extent of the previous rally, and tge volatility in the majors during the recent correction. Look qt Ripple for example it couldn’t recover anywhere near it’s prior high recently. Thanks for the question.

  • user

    AUTHOR doublekang

    Posted on 2:37 pm June 12, 2017.

    How about Ripple? I wonder what Ripple could do for the next coming days.

    • user

      AUTHOR Mate Cser

      Posted on 2:42 pm June 12, 2017.

      Hello, Ripple update coming up in a couple of hours!

  • View Comments (11) ...
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