crypto market analyses
The cryptocurrency segment recovered following yesterday’s dip, but the performance of the major coins has been asymmetric once again. Bitcoin is clearly back in the driving seat, as Bitcoin Gold, the product of the latest fork, lost market share and interest. The price of the most valuable coin rose back to the $6000 level, just below its all-time high, with an almost double-digit jump today.
Despite the encouraging rally, the coin remains clearly overbought regarding the long-term picture and investors should stay away from opening new positions here, even as the short-term rising trend is still intact. The currency bounced off the convergence zone near the $5400 level, while below that further support is found at $5000 and $4650.
BTC/USD, 4-Hour Chart Analysis
With Bitcoin’s dominance just below the 58% mark again, altcoins, in general, are little changed today, with only a few notable movers. NEO is trading lower by around 3%, while Monero is also weaker than the average with a 2% daily loss. The rest of the market is close to flat for the day, and given the recent negative correlation with BTC, the stability of altcoin prices is a welcome sign. Let’s see the details of the short-term picture.
ETH/USD, 4-Hour Chart Analysis
Ethereum’s market basically froze today, as the price of the token moved in a very narrow range around the $300 level. The coin failed to join the rally of Bitcoin and remained below the $315 level, the top of the lengthy trading range. ETH is still in a long-term uptrend, and a move towards the $330-$350 zone is expected in the coming weeks. Support levels $285 and near $250, while further resistance is ahead at $380.
LTC/USD, Daily Chart Analysis
Litecoin drifted higher today, reclaiming the key $56 level in the process, but it’s still well below the key $64 level, the next major resistance. The dominant short-term consolidation pattern is still intact, and the long-term picture remains bullish, and we expect the resumption of the rising trend soon. Support levels are now found at $56, $53, and $51.
XRP/USD, 4-Hour Chart Analysis
XRP settled down bear the $0.20 level after the recent violent moves, and it remains inside a declining short-term trend. As the coin remains in a positive long-term setup, investors could add to their positions here, but traders should wait until a new uptrend develops. Support levels are still found near the current price level and around $0.18 and $0.16, while resistance is ahead in a broad zone around $0.22 and above that near $0.26.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic remains below the short-term support at $11, and the coin is still the weakest major regarding the long-term picture. Today’s quiet session didn’t change the negative short-term trend, but the currency held up above the $10 level after spiking to single digits several times recently. Strong resistance is also ahead at $12.50 and around the $13.50 level, with long-term support found at $9.
IOTA/USD, 4-Hour Chart Analysis
IOTA is showing relative weakness today after the strong rally earlier on this week, as the dominant declining trend is still intact. That said, the long-term picture is still encouraging, but traders should still wait with a clear break above the falling pattern before opening new positions. Support is still found at $0.35 while resistance is in the key $0.45-$0.48 zone, and near $0.56 and $0.64.
NEO/USDT, 4-Hour Chart Analysis
NEO also trended lower today, but the momentum of the move was weak, and the coin found support near the middle of the short-term trading range, well clear of the key $27 level. Further support is found at $25, while resistance levels are ahead near $30, $34, and $40. The long-term setup remains encouraging, and we expect the post China-crash recovery to continue after the consolidation.
Cryptocurrencies
Bitcoin’s volatile session made headlines in the cryptocurrency segment, as the dominant coin overcame yet another hard fork unscathed, and recovered up to the $6000 level after the recent short-term correction. The long-term picture remains dangerously overbought for the currency, but another short-term leg higher is still possible, despite the widespread bubble worries and high correction risk.
Altcoins were virtually unchanged amid the BTC rally, as Wednesday’s decline lost steam and the most traded coins settled down. IOTA was the most active yet again, as it continued lower after the huge rally earlier on this week. Litecoin and Ethereum showed some relative strength but the moves were minuscule compared to the recent swings. With most of the majors still consolidating the post China-crash gains, more choppy trading is expected, especially given the rising volatility in BTC.
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