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Technical Analysis: Monero and Dash Shine as Record Highs Stumble

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It’s another bullish session for altcoins although the action is concentrated in a few names only with the rest of the market being in a virtual standstill. Monero breached its prior all-time high today in early trading as we expected after clearing the crucial $150 level earlier on.

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The coin almost doubled during the current leg higher, and although we expect a move to new highs long-term investors shouldn’t open new positions at this point. Key support levels are found at $125 and $100, while targets are ahead near $180 and just above $200.

Monero/USD, 4-Hour Chart Analysis

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Dash is the other big mover of the day yet again as the coin blew past yesterday’s high at hit a new record near $575, cruising past the first target at $540. While another target is ahead near $610, the coin is getting stretched, and investors should reduce their exposure here, as even the short-term picture is overbought. Support below $540 is at $500, $465, ad $near $410 the previous all-time high.

Dash/USD, 4-Hour Chart Analysis

As Bitcoin settled down above the $8000 level and Etrhereum, Ripple, and Litecoin is only slightly below yesterday’s level, the markets of the largest coins are relatively quiet, although Bitcoin Cash made a move after a lengthy period of stagnant prices. IOTA, NEO, and Ethereum Classic are also little changed so let’s take a detailed look at the short-term charts.

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin’s technical picture is unchanged since yesterday, as the forces of the long-term overbought state and the rising short-term trend still equal each other out near the all-time high of the currency. As the risk-reward prospects in altcoins are still better, investors and traders should wait for a deeper correction before entering new positions. Crucial support levels are still found near $7700, $7000, and $6700.

Ethereum

ETH/USD, 4-Hour Chart Analysis

The rally in Ethereum stalled near the $370 level, as the short-term picture got slightly overbought, but the coin remains bullish on both time-frames, with only the $380 resistance ahead below the all-time high near $400. Support levels are found at $350, $330, and near $315, while the rising long-term trendline is also nearby at $320.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is drifting lower today, similarly to ETH, as the key $75 level still holds the coin back. The currency is back to neutral regarding the short-term momentum and we expect a rally towards the next target at $82.50 soon. Crucial support levels are still found at $64, $56, and $53.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is virtually unchanged so far today, and the coin is still well below the Monday high, failing to show real bullish momentum. That said, XRP is still in a positive long-term setup, and the short-term buy signal is also intact. Strong resistance is ahead at $0.26 and $0.30, while the line-in-the-sand level is still the $0.2250 support with further major levels found just below $0.20, and at $0.18

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is trading in a very low volatility range today, with the $18 level still being in focus after the choppy consolidation phase. The long-term picture is a tad overbought, and although traders should still play the likely move towards the all-time high at $23, investors should reduce their exposure on the way up.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO bounced higher off the $34 support as expected, but the coin remains within the short-term correction pattern after its explosive break-out. Resistance levels are ahead at $40 and $50, while support below $34 is found at $30. The long-term picture is not overbought yet, and with the short-term momentum being back in neutral territory, another leg higher is likely in the coming week.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is looking slightly bearish regarding the short-term picture as t he coin is relatively weak today, and the overbought and negatively diverging MACD also points to a correction. Despite the stretched long-term picture, we still expect a test of the all-time high at $1.1, but investors should reduce their positions here following the almost 200% rally. Support levels are still found at $0.75 and $0.64.

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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.

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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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