The crypto-market is still dominated by the long-term correction pattern that keeps Ethereum’s and Bitcoin’s price in narrow ranges for almost a week now, with no significant moves in the two most valuable cryptocurrencies after last week’s strong decline and quick rebound. The smaller coins are now diverging from the majors and each other after moving together for several days.
With the break-outs of Litecoin and Dash, “rotation” between the coins is back and that could mean that some of the currencies will make a move soon even of ETH and BTC continue to trade sideways. That said, more consolidation is still possible for the smaller coins, as corrections usually happen in price and in time as well. Today we take a look at Stratis, Bitshares, Zcash, Steem, and Antshares, while tomorrow we will analyze IOTA, Waves, Digibyte, Siacoin, and Dogecoin.
Stratis/BTC, 4-Hour Chart Analysis
Stratis is still inside its consolidation pattern that has been dominating the coin’s market, and although the key support near the 0.00215 level held during last week’s broad correction, the declining trendline is also intact. The MACD is still showing neutral readings, with resistance found at 0.0025 and above that near the 0.0029 level.
ZEC/USD, 4-Hour Chart Analysis
ZEC remains under pressure as the currency started its correction later than most of the coins, still hitting new highs two weeks ago. We still expect more consolidation after the strong moves in ZEC, and short-term traders should remain cautious with new positions, while long-term investors could add to their positions on the dips in both pairs.
ZEC/BTC, 4-Hour Chart Analysis
BTS/BTC, 4-Hour Chart Analysis
Bitshares tried to rally earlier on this week, but the break-out attempt stalled out and the correction still continues in the BTC pair. The coin still hovers around the 0.00009 level, with strong support near 0.00008. The short-term trend is neutral below the 0.00010 level, but the long-term picture remains bullish and investors could still add to their positions in the current range.
Steem/BTC, 4-Hour Chart Analysis
Steem also rallied against BTC earlier on this week, after holding up well in the 0.0006-0.000675 zone during last week. The coin moved higher from the convergence zone of the declining short-term trendline and the value area, signaling buying pressure. The short-term trend is still neutral, but a move above 0.00075 would trigger a new buy signal, with the long-term trend still being bullish.
ANS/BTC, 1-Hour Chart Analysis
Antshares continues to be bullish both short- and long-term, although the short-term consolidation remains intact despite the recent rally attempt. The key support near the 0.0028-0.003 zone that we pointed out held the coin during the correction. Crucial resistance is ahead at 0.0035 if the bullish move continues, while a move below 0.0028 would signal more short-term downside for the currency.
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