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Cryptocurrency Update: Majors at Key Price Levels After Weekend Crash

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Cryptocurrency Update: Majors at Key Price Levels After Weekend Crash

Introduction

This article was posted on Monday, 07:41, UTC.

Ethereum recovered well after the Sunday morning crash that took the coin down to the $135 price level, with Bitcoin also bouncing higher, and the other majors following the two dominant currencies as well. ETH’s 20% rally means that the token is just below the previous low, at $172, which triggered the sell-off and liquidation during the weekend.

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ETH/USD, 4-Hour Chart Analysis

The currency dipped below the level and caused a strong wave of forced selling in the majors and the smaller coins, but most currencies are well off their lows, and getting close to important short-term resistance levels. While the trend is still clearly negative, a rally above the $175, could mark an important bottom in the coins, as the long-term picture is getting oversold, and Ethereum fell as much as 66% while BTC is also after a 40% correction. Let’s see how the majors are holding up after the 50% dip in the value of the crypto-market.

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Bitcoin

BTC/USD, 4-Hour Analysis

Bitcoin is right at the $2000 level following the bounce off the lows, which marks the upper boundary of the base formation that we monitored as in recent weeks. A push above that level would point to a test of the $2150 resistance, which would be an important step in the long-term bottoming process, although the declining trend remains intact.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin was among the strongest coins during the recent correction period, and now it’s still right at the long-term rising trendline. The short-term correction pattern is still dominant, but a move above $44 would trigger a buy signal. The MACD indicator is already after a bullish cross but short-term traders are still advised to wait with new positions until a confirmation of the trend change.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash also tested the rising long-term trend while staying well inside the declining short-term trend following the bounce. Dash faces storng resistance at the $150 level, and it trades right at the crucial support zone around $135 that needs to hold to keep the coin in a bullish pattern, after the spike below it during Sunday’s decline.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple quickly recovered above the previous low after the spike lower but it remains well below the line-in-the-sand 0.175 level, with the two-month long correction pattern still being dominant. The coin remains far from a buy signal, but the forming base pattern still points to a coming test of the declining trendline, which is currently at 0.235.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC was the strongest major during Ethereum’s crash, staying above the prior correction low, and bouncing back above the $14.50 resistance, close to the declining short-term trendline. The token is close to buy signal this morning and could be a leader in the coming days if it breaks out of the short-term trend and remains above $15.

Monero

XMR/USD, Daily Chart Analysis

The declining short-term trend for Monero remains strong, as the currency remains among the weakest majors. The long-term support at $32 is int he focus, and the token should recover above that to keep the developing base pattern between $32 and $37 intact. The coin might still test the $25 level before moving higher, especially if Ethereum and Bitcoin fail to remain above the $175 and $2000 level.

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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 gozames

    Posted on 9:41 am July 17, 2017.

    Hello,

    About ETH I think this panic was started several week ago and after there was so many articles posts and everything to feed more and more this panic, also if we consider fact that in ETH market there was so many starter who don’t knew crypto market everything went well for them who wanted this.

    I see this picture is very positive for Long term eth price, more persons who where sellers at 100-150 have sold there coins and it’s went to them who can handle it till for example 250 so this is very good, I also see there are many sellers in USD pair at this moment that’s also good, and I’m also sure that lot of newbes who have sold at 140-160 will buy back at 200-210 so seams eth is in good hands till 300

    I feel there will be more bounce this week or start of next, trading is not about feelings but that’s just my opinion.

    Thats just my opinion I’m not expert so don’t trust me! 😀

    • user

      AUTHOR Mate Cser

      Posted on 4:43 pm July 17, 2017.

      Hello Gozames, I think you are right, the sentiment has been reset enough for a rally on the wall of worry. Just as it was to bullish in June, now we are at the other extreme. Long-term it looks really good right now.

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