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Technical Analysis: Coins Retreat Again as Bullish Momentum Fades

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Yesterday’s sharp rally in altcoin prices stalled, and Bitcoin also failed to recover to its previous highs after the Bitcoin Gold fork. As the broad decline dragged the major coins lower, the market cap of the segment fell to $165 billion, with Bitcoin’s decline leading the way. The most valuable coin is now worth $8 billion less than its all-time high, as it got close to the crucial support level near $5400 today.

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The currency is holding up above the key zone and the rising short-term trendline for now, but with the overbought long-term momentum readings in mind, traders shouldn’t jump into new positions, despite the favorable short-term setup. While a rally to new highs is still possible here, investors wait for a deeper correction before adding to their holdings. Support levels below $5400 are found at $5000 and $4650.

BTC/USD, 4-Hour Chart Analysis

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Today’s sell-off has been moderate across the board, with no stand-out performances among the altcoins. The previously weaker Ethereum Classic failed to hold up better than its more bullish counterparts, while Tuesday’s best performers, IOTA and NEO, remained well above their previous lows. Ethereum, Litecoin, Monero, and Dash represent the broad average of the market, while Ripple remained more volatile after its recent violent decline. Let’s see the short-term charts in detail.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum retreated towards the middle range of the lengthy consolidation pattern near the $300 level today, as yesterday’s rally fizzled out, and the coin remains in a neutral short-term position. The ETH token is still in a clear long-term uptrend, and we expect a move over the $330-$350 zone in the coming weeks, but more consolidation is possible before the next major move. Support levels below $300 ar eat $285 and near $250, while further resistance is ahead at $380.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin continues to hover around the key $56 level, still being among the most bullish altcoins, but it’s well shy of the next major resistance level that is found at $64. The short-term consolidation pattern is clearly intact and choppy price action is expected to continue until a clean break-out. Further support levels are now found at $53, 51, and $44.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is showing relative strength once again today, although a major break-out is far away, with the declining trendline of the dominant correction pattern found at $315. While the long-term picture is clearly bullish, and we expect a break-out in the coming weeks, strong resistance levels are also found near $300, $330, and $360, and further sideways price action is possible.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP failed to provide a renewed short-term buy signal as it remains clearly below primary resistance, with strong levels ahead around the $0.22 level, and near $0.26. That said, the long-term bullish picture is unchanged, and investors could add to their positions t the current price levels. Support levels are found near the $0.20 level and around $0.18 and $0.16.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic spiked below $10 during today’s sell-off, still showing clear relative weakness compared to the other majors, and both traders and investors should wait for bullish signs before entering new positions. The declining short-term trend is clearly dominant, and strong resistance is ahead at $11, $12.50 and especially around the $13.50 level, with long-term support at $9.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continues to show stability and relative strength, despite today’s decline as it remains clearly inside the narrow trading range that dominated the market since mid-September. The $100 resistance and the support zone near $80 remains in the center of attention, and we still expect the bullish trend to prevail, with further resistance ahead at $125 and above $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO continues to hover around the $30 level despite yesterday’s encouraging rally, but it remains well above the $27 support and today’s low volatility is a positive sign for bulls. Further support is found at $25, while target levels are ahead near $34 and $40, with the long-term setup still looking bullish.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA failed at the dominant declining trendline yet again, and failed to provide a short-term buy signal despite the surge off the $0.35 support. The long-term picture remains encouraging, but a clear break-out of the current lengthy pattern would be needed for a bullish confirmation, with target zones still ahead at $0.56 and $0.64.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Analysis

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

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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.

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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

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 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

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. 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

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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