Altcoins got under pressure yesterday in late trading, and the up and coming coins also felt the sudden shift towards BTC following a promising Monday session. The consolidation patterns that were dominant before Monday are generally intact on the charts of the small cap coins, and the bullish overall picture remains unchanged, but the current environment could prolong the choppy range-trading period.
ZEC/USD, 4-Hour Chart Analysis
ZEC is trading right at the $400 level on the USD chart, after the expected move towards $430. Our first target halted the advance, but the coin held up well in the evening correction, although more sideways price action is still possible before another move higher. The BTC pair is still in the consolidation zone with the next targets of the trend still being at 0.18 and at 0.20.
ZEC/BTC, 4-Hour Chart Analysis
Steem/BTC, 4-Hour Chart Analysis
Steem is still in a lengthy consolidation zone as well, with key support at 0.0008 and strong resistance at 0.0009. The coin looks to have more time to trade sideways, as the long-term trendline is still far away, and a further move lower towards the 0.000675 support would still leave the trend intact. Long-term targets for a move above 0.0009 are found at 0.001075 and at 0.001375.
SC/BTC, 4-Hour Chart Analysis
Siacoin broke-out to new highs after two weeks of corrective price action, as expected, reaching above the 0.000008 level but failing to hit our primary target at 0.00000875. The short-term uptrend is intact for now, but a move below the trendline would warn of further consolidation. Long-term investors are still advised to hold their positions but wait before adding to their holdings.
GNT/BTC, 4-Hour Chart Analysis
Golem briefly moved above its prior high at 0.00026 this week, but it failed to sustain the break-out and it fell back near the crucial 0.00022 level yesterday afternoon. The long-term picture is still bullish and the short-term uptrend is also intact, although the MACD is correction mode after reaching slightly overbought readings earlier on this week. More consolidation is likely in the coming days, with a possible test of the 0.0002075 support.
DGB/BTC, 4-Hour Chart Analysis
Digibyte is still in a deep corrective phase after the more than 1000% rally in May, with the key support at 0.000010 still holding against Bitcoin. The coin moved slightly above the very narrow short-term range this week, but it continues to trade right at the long-term trendline after the pull back. The resistance zone near 0.000016 is still the initial target for a bullish move, with the 0.000026 high ahead as a long-term target.
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