After yesterday’s emotional bottom, the major coins experienced a strong bounce, followed by a decline today in early trading. While Bitcoin dipped below yesterday’s low, Ethereum and several other majors remained above it signaling a less correlated decline that is a bullish sign. Although the coins remain in short-term downtrends, the oversold readings on the momentum indicators and the long-term charts, which are turning neutral, are both suggesting a tradable bottom.While more volatile sideways action is possible here, short-term long positions could be opened to ride the bounce.
BTC/USD, 4-Hour Chart Analysis
All dips below the $2350 level were aggressively bought in the last two days, as the currency held up well compared to ETH and the smaller coins. The MACD indicator might be turning bullish, and a rally above $2450 could open up the way to a test of $2600. A decline below $2350 could still lead to a test of $2150 but the short-term downtrend could be broken soon.
ETH/USD, 4-Hour Chart Analysis
Ethereum didn’t test yesterday’s lows, as buyers stepped in on higher levels today, and that could be the beginning of a durable bounce in the price of the coin. Short-term long positions could be opened on a dip to below $230 again, as we expect the $200 level to hold in the coming days. The targets of a bullish move are at $275 and $300, with the short-term MACD being close to a bullish cross.
ETH/BTC, 4-Hour Chart Analysis
LTC/USD, 4-Hour Chart Analysis
Litecoin successfully tested the $35 level after dipping below the prior all-time high near $38, and the coin looks to be set to rally back above the $40 level int he coming days. The MACD is likely turning higher in concert with the other majors, and last week’s break-out remains intact considering the long-term picture.
XRP/USD, 4-Hour Chart Analysis
Technically speaking, Ripple was the least affected by the decline, as the coin only returned to its prior trading ranges in both the USD and the BTC pair after the failed break-out attempt last week, leaving the long-term setup unchanged. Ripple is still in a long-term consolidation, with the MACD indicator barely leaving the neutral territory during the scary crypto-correction.
XRP/BTC, 4-Hour Chart Analysis
DASH/USD, 4-Hour Chart Analysis
The MACD indicator turned bullish first on the chart of Dash, confirming the relative strength of the currency that we noted in recent days. The coin is back above the $150 level which represents the prior all-time high. Dash looks ready to test the upper boundary of the consolidation pattern at $175, with the break-out highs still ahead at $200 before a new all-time high, with the long-term rising trendline still being well below the current rate.
ETC/USD, 4-Hour Chart Analysis
ETC re-tested the lower boundary of the long-standing consolidation range near $14.50 yesterday and today as well, while bouncing back int the dominant triangle pattern later on this afternoon. The token remains below the crucial $17.75 level, despite the rally but a move about that resistance would open up teh road towards $20 and the prior high at $23.
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