Cryptocurrencies Hold Above Panic Lows after Bounce
*Ethereum Classic
--- ETC/USD, 4-Hour Chart Analysis
ETC re-tested the lower boundary of the long-standing consolidation range near $14.50 yesterday and today as well, while bouncing back int the dominant triangle pattern later on this afternoon. The token remains below the crucial $17.75 level, despite the rally but a move about that resistance would open up teh road towards $20 and the prior high at $23.
*Ripple (XRP)
--- XRP/USD, 4-Hour Chart Analysis
Technically speaking, Ripple was the least affected by the decline, as the coin only returned to its prior trading ranges in both the USD and the BTC pair after the failed break-out attempt last week, leaving the long-term setup unchanged. Ripple is still in a long-term consolidation, with the MACD indicator barely leaving the neutral territory during the scary crypto-correction.
*Bitcoin
--- BTC/USD, 4-Hour Chart Analysis
All dips below the $2350 level were aggressively bought in the last two days, as the currency held up well compared to ETH and the smaller coins. The MACD indicator might be turning bullish, and a rally above $2450 could open up the way to a test of $2600. A decline below $2350 could still lead to a test of $2150 but the short-term downtrend could be broken soon.
*Ethereum
--- ETH/USD, 4-Hour Chart Analysis
Ethereum didn’t test yesterday’s lows, as buyers stepped in on higher levels today, and that could be the beginning of a durable bounce in the price of the coin. Short-term long positions could be opened on a dip to below $230 again, as we expect the $200 level to hold in the coming days. The targets of a bullish move are at $275 and $300, with the short-term MACD being close to a bullish cross.
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