Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade in a consolidation pattern after surging past the final range extension target for its break-out. The second largest coin remains overbought on all time-frames, but the short-term uptrend is intact, and another push higher is possible. That said, investors should remain patient, as the segment is prone to a deeper correction, even if the exact top is not in yet. Key support levels are now found at $575, between $480 and $500, and near the prior all-time high at $400.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin bounced higher in the second half of the session together with the broad market after correcting back to the $250 level. The coin is back to the dominant rising short-term trend, but all time-frames point to a deeper correction soon, and investors should stay away from new positions here, although traders could still play a test of the all-time high. Key support levels are found at $125 and $100, with weaker levels at $260 and $170.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is trading in a relatively narrow range for the second day in a row, close to its recent all-time high and the coin is among the stronger majors regarding the short-term picture. Despite that, the long-term setup is dangerously overbought, and a significant correction is likely in the coming weeks, with major support levels now found at $650, $600, $500, and near $410.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still trading near the $30 level in a narrow and choppy range, and the coin remains outside the previous rising trend. The currency is among the most stretched majors even considering the recent sharp dip, and we still expect a move below the $23 level in the coming weeks, with further support found at $18 and resistance ahead at $32.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is still trading below the recent marginal new highs, with the bull-trap setup still being possible, even as the rising short-term trend is intact. The $300 level remains in the center of attention, with key support levels found at $240, $200, $180, and $150, while the coin is extremely overbought, in line with the majority of the majors.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO found support above the key $40 level after the short-term correction that followed the recent break-out, and the coin remains in an encouraging long-term setup. While a volatile consolidation period is in the cards in the case of a segment-wide correction, a strong rally beyond the previous all-time high near $0.56 is possible in the coming days if the sentiment remains bullish. Key resistance is ahead at $50 while further support is found at $34, $30, and $27.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is still trading inside the broad short-term trading range that developed after last week’s exponential surge, and the coin remains stretched regarding the long-term picture, although the short-term momentum is back to neutral. Although the coin is already after a 40% correction top-to-bottom, we expect n even deeper move in the coming weeks, with strong support still only at $3 and $1.5, and potential Fibonacci support at $2.35.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Author:
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.