Some of the up-and-coming altcoins are finally showing strength today, although the lengthy, and possibly frustrating consolidation period is still “on”, according to the charts, with the small cap coins only regaining what they lost in recent days. That said, today’s price action is encouraging, despite the low trading volumes and the lack of clear break-outs, which suggest that more patience will be needed from short-term traders.
STRAT/BTC, 4-Hour Chart Analysis
Today’s move in the coin brought it back to the resistance line of the dominant consolidation level, and short-term traders are still advised to wait for a break-out before taking on new positions, while long-term investors could still add to their existing positions, with the long-term indicators approaching neutral stance.
BTS/BTC, 4-Hour Chart Analysis
Bitshares is in a slightly different setup than Stratis, as its own correction started later, leaving more room for consolidation despite today’s surge. The coin bounced off the 0.00010 level as we expected but BTS could still drift sideways before a sustained move higher possibly giving more good long-term entry points for investors, as it faces strong resistance near the current level at 0.00012.
Steem/BTC, 4-Hour Chart Analysis
Steem could be in for more sideways action as well according to the long-term picture, as it started its current correction just over two weeks ago. The token didn’t slip below 0.00075 during the consolidation, and that level might mark the bottom, although a spike to the 0.00066 level (stop hunting if you will) wouldn’t be a surprise before a sustained move higher. Long-term investors could still add to their position here, with the rising long-term trendline now found at 0.00072.
GNT/BTC, 4-Hour Chart Analysis
Golem is right at a strong support-convergence zone with the 0.00022 level and the long-term trendline all being just below the current price. With further support near 0.00020, the current rate could provide a good base for a rally, and a short-term buy signal would be confirmed by a move above 0.00024. The MACD is close to turning bullish after the short-term correction as well.
FCT/BTC, 4-Hour Chart Analysis
Factom needs to move above the 0.01325 level to continue its ongoing uptrend or the short-term picture could switch to neutral with a break below 0.011. The next days will be crucial for the coin after failing to hit our 0.015 target during the recent break-out, as the move below primary support would warn of further consolidation and a possible test of the 0.0085 level.
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