Technical Analysis: Bitcoin Pops Again, Hits $6400 as Altcoins Go Nowhere

Bitcoin is still all the rage in the crypto segment as the largest coin’s market continues to be the most active by far, with altcoins mostly hovering in tight ranges. The day’s big news regarding a BTC futures contract on the CME boosted the coin’s price and pushed it above the recent all-time high. The development opens up investing in the segment to a whole new group of players, and it can be a major catalyst in the coming period, although technical factors still point to a coming deeper correction. With that in mind, we still urge investors to wait with opening new positions and keep stops tight. Support levels are still found near $5800, $5400, and around the $5000 level.

BTC/USD, 4-Hour Chart Analysis

Activity in altcoins remained low, with only NEO showing signs of life, climbing briefly back above the key $30 price level. The rest of the market is trading close to unchanged compared to Monday’s levels, with the long-term setups also being stable in the calm environment. Ethereum Classic provided the positive surprise of yesterday, but so far it failed to follow through on the relative strength, and the coin is drifting lower today. Let’s the short-term altcoin charts.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a bullish short-term consolidation below the $315 level, which represents the upper boundary of the long-term trading range. The price of the ETH token has been virtually unchanged today, and although the rising long-term trend is getting closer, the overall picture remains bullish, with strong support at $300 and $285, and targets ahead near $330, $350, and $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin continues to hover around the $56 level, as the coin hasn’t moved substantially since yesterday. The long-term picture remains bullish, while the short-term consolidation pattern remains intact. We still expect a move towards the $64 level in the coming weeks, with the next target being at $75. Support levels below $56 are found at $53 and $51.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been drifting lower since yesterday, but it is still trading in the same short- and long-term formations as before, and it remains one of the most bullish coins regarding the long-term picture. The currency faces strong resistance at $300, with further levels at $330 and $360, while support is still found at $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is stuck near the $0.20 level this week, and the coin remains in a bearish short-term pattern, with several strong resistance levels ahead. That said, the long-term picture is still positive, but traders should wait for a move above at least the short-term resistance at $0.21 before entering new positions. Long-term investors, on the other hand, could add to their positions here, with support just below the current price, at $0.18, and $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still trading below the $11 level despite Monday’s encouraging move, but today’s decline has been modest, and traders should still monitor the coin for a break-out. Above the primary resistance, further targets are ahead at $12.50, around the $13.50 level, and at $16.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero’s market has been even calmer than in recent days, as the coin traded in a very narrow range, ignoring the activity in BTC. The currency is trading in a longer-term range between $80 and $100, and it remains attractive for long-term investors here. Below $80 key support is found the $68, while primary target above $100 is ahead at $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO spiked above the $30 level today in early trading again, but the move fizzled out once more as the key resistance still proved stronger. We expect the coin to move above the level soon, with an initial target for the rally at $40. Support below the current level is found at $27 and $25, and we expect the strong range to hold in the coming period as the coin remains in a bullish long-term setup.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA settled down after a volatile period, but the coin now retraced most of last week’s spike, and it remains stuck in a declining trend, despite the positive long-term outlook. Crucial support is found at $0.35, and we expect a move above the declining trendline, towards the primary support between $0.45 and $0.48 soon.

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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.