Technical Analysis: Ripple Cracks, Bitcoin Tumbles, as Ethereum on Top Again

After yesterday’s chaotic session, the crypto-segment had a calmer day, although the second half of it got heated again, as Ripple turned sharply lower and Bitcoin also declined. Most of the other majors are also under pressure, although Ethereum, NEO, and Monero are still relatively strong, and Ethereum Classic also popped higher.

XRP is back below the $2 level, and this time the sell-off wasn’t triggered by a technicality, with the coin now trading 40% off last week’s all-time high. XRP remains overbought from a long-term perspective, and we expect further correction in the coin with support levels now found at $1.8, $1.50, $1.25, $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum continued to grind higher despite yesterday’s correction, hitting a new record high yet again ad stabilizing its place as the second largest coin again.  The coin is now prone to a correction after yesterday’s short-term sell signal, with the long-term momentum still being stretched as well. That said, the short-term uptrend is intact, and further gains are still possible. Key support levels below $1000 are found at $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis


BTC/USD, Daily Chart Analysis

Bitcoin is testing yesterday’s lows after a choppy and bearish session, as the technicals still point to a continuation of the broader correction after the recent exponential run-up. The coin is also near the domain rising trendline that developed during the rally, and a break of the pattern is now likely with the $13,000 level now being in sight. Below that, further support is found at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.


LTC/USD, Daily Chart Analysis

Litecoin is still among the weaker majors, with no bullish follow-up to yesterday’s bounce, as the $250-$260 resistance zone proved to be too strong for the coin. The long-term setup remains bearish, and we expect another leg lower in the correction, with a likely test of the recent lows near $180. Key support levels are found still found below that at $125 and $100.


DASH/USD, 4-Hour Chart Analysis

Dash has been trading in a narrow range today, after a volatile period, and the coin is still holding up above the $1000 level in the face of the long-term bearish pressures. Just as Bitcoin, Dash is also likely to continue its overbought correction, and a dip below the mini-crash lows is the most probable scenario. Below $1000, further important levels are still are near $600, at $500, $470, and near $410.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic followed its big brother ETH higher, leaving the vicinity of the $34 level again, although the previous swing-high stopped the advance for now. While the short-term picture is close to a buy signal, given the segment-wide correction and the still bearish long-term setup, investors should expect another leg lower before a durable bottom. Strong support levels are still found at $30, $23, and $28, while resistance is ahead at $40.


XMR/USD, 4-Hour Chart Analysis

Monero is still above $400 today in late trading although the coin lost some of its relative strength amid the renewed broad correction. The currency is still likely to follow the sector’s trend, as the long-term picture remains stretched, but the short-term setup is neutral for now.  Investors should still wait with opening new positions, with support levels still found at $300,  $240, $200, $180, and $150.


NEO/USDT, 4-Hour Chart Analysis

NEO hit marginal new highs today, similarly to Ethereum, but the coin is now overbought regarding both the short- and long-term picture. Investors should further reduce their positions here, although short-term gains are still possible. Important support levels are now found at $100, $80, $64, and $56.


IOTA/USD, 4-Hour Chart Analysis

IOTA is under selling pressure yet again, as the broad correction of the coin continues as expected. While we still expect a relatively early tradable bottom in the currency compared to the rest of the majors, a volatile period is likely ahead, and investors should wait for better risk-reward opportunities. Strong support levels are still found at $3 and $1.5, with a Fibonacci support between those at $2.35.

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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.

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.