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Technical Analysis: Ethereum, Monero, and Litecoin Jump as Bitcoin Goes Parabolic

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The stellar performance of Bitcoin continued today in early trading, as the most valuable coin got close to hitting $100 billion in market capitalization after breaching the $5900 price level. The coin turned volatile after the early surge, as it got extremely overbought short-term and briefly tumbled by as much as 10% before settling down slightly near $5700. The $6000 level is still ahead as a likely target, but the currency is now prone to a short-term correction, and the long-term picture is also looking more and more stretched. Key support levels are now found near $5000, $4650 and $4400.

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BTC/USD, 4-Hour Chart Analysis

Ethereum, Litecoin, and Monero joined the party today, with the second largest coin’s value passing the $30 billion mark again, while Litecoin finally leaving behind the $56 resistance. Monero is still stuck below the key $100 level, but it’s now above the previously dominant correction pattern.

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NEO and IOTA continue to lag the broader market, while Ripple is gathering momentum inside its short-term correction pattern, and Ethereum Classic is showing some strength amid the BTC-led rally. Let’s see the short-term setups before the weekend.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum finally moved above the $315 level as the Byzantium upgrade is drawing closer, and the coin blew past the $330 resistance as well, with the weaker $345 level stopping the advance for now. The coin still looks positive regarding the long-term picture and a rally towards the next target near $380 is likely in the coming week.  Above that, the currency faces resistance near the all-time high just north of $400 while key support is at $300 and $285.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin cleared the $56 resistance following yesterday’s break-out and the coin is now trading near $60 and the previously dominant rising trend channel. The currency is still facing the line-in-the-sand resistance at $64 but the long-term advance is likely back on track. Below the $56 level, key support is at $51 and $44, while further resistance is at $75.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still hovering around the $300, as it remains inside the post-surge correction pattern, while still being bullish regarding the long-term picture. The coin is close to providing a short-term buy signal and testing the $330 level, with the declining trendline also being close to that level currently. Further resistance is ahead at $360 and $400 while support is found at $265.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is still trading inside the rather volatile short-term consolidation pattern that developed after last week’s rally, but now the short-term picture looks promising for bulls. The coin looks to be ready to test the $0.30 level, possibly during the weekend, with another key level just above that at $0.32. Support is now found at $0.24 and around the $0.22 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is still struggling to gain short-term traction despite today’s rally attempt, as the $12.50 resistance proved too strong for now. Short-term traders should still wait until a bullish confirmation with opening new positions, while long-term investors could still add to their positions here.  Crucial resistance is ahead around $13.50, while support is found at $11 and $9.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero broke above the declining trendline after a lengthy correction, but it still faces strong resistance at $100. That said, the long-term picture is clearly bullish and a rally above the $100 level, towards the next target near $125 is likely. Strong support is found near $80 and $68, while the all-time high is ahead just above $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO remains inside its volatile correction after tripling off the crash-lows, and the coin is stuck below the $30 level for now. The $25 level is the primary support with another strong level below that near $22. We still expect a move to $40 after the correction is completed, while a decline in volatility is likely before the next major move, with further resistance ahead at $34.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA has been the weakest major recently, but we still don’t expect the coin to trade durably below $0.45 and a rally above the key $0.45-$0.48 zone is likely in the coming days. With the long-term picture still being positive the test of the $0.64 level is the most likely next move. Below that, a weaker resistance level is ahead near $0.56, with long-term support at $0.35.

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Analysis

Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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Technical Analysis: Bitcoin Grinds Higher as Records Tumble in Altcoins

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The historical surge in the segment, which is the second such move this year, continued today, with another round of break-outs in some of the major altcoins and tepid gains for BTC investors. Ethereum, Ripple, Dash, and first and foremost Litecoin was leading the charge, with the recent star LTC topping $300, just after a day of hitting the $200 mark.

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Litecoin defied all odds after reaching extremely overbought readings, and the coin rode the speculative wave, turning exponential, not unlike IOTA and Bitcoin previously. With the coin being stretched in an unprecedented way on all time-frames, investors could even consider selling their core positions at the current levels, as a deep correction is almost granted in the coming period. The first meaningful support level is found at $125, and a re-test of the $100 level is probable during the next major correction.

LTC/USD, 4-Hour Chart Analysis

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Ripple finally ended a long period of relative weakness today, and the only major on a long-term by signal jumped over primary resistance at $0.26 and crossed the $0.30-$0.32 too in the euphoric sentiment. As the coin is not long-term overbought following the 6-month long consolidation, the buy signal in XRP remains intact, with the only major resistance level being found at the all-time high near $0.425.

XRPUSDT/USD, 4-Hour Chart Analysis

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Analysis

Technical Analysis: Litecoin Continues Surge as Bitcoin Tests Highs

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With the crypto world being focused on the historical futures launch, the major coins all enjoyed buying following a hectic weekend, and a volatile week as a whole. BTC itself got another boost from the widespread publicity and the volatile correction of the recent days ended, with the most valuable coin bouncing back towards its all-time high.

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While the long-term picture remains severely overbought, the short-term picture is not stretched and further gains are possible even amid the elevated correction risk. That said, investors should wait for a more favorable entry point to ad dot their holdings, while traders should control position sizes in the light of the long-term setup. Major support levels are now near $13,000, $11,300, and $10,000, with stronger levels still at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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The major altcoins are all up today, but only Monero and Litecoin are still within short-term uptrends, and the segment as a whole is still dangerously overextended, and a deeper correction is very likely in the coming weeks. LTC continued its recent break-out, getting close to the $200 level, and joining the extremely overbought group regarding the long-term momentum, and triggering a long-term sell signal in our trend model. Key support levels are found $100 at $75 and $64, with a weaker primary level at $125.

LTC/USD, 4-Hour Chart Analysis

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