Ethereum Leads Altcoin Rebound, Bitcoin Remains Strong
Apart from a brief but steep dip in BTC the most valuable coin continued to rise, becoming close to the $4900 mark, just a few percent of its all-time highs along with the $5000 level. With news about a crackdown on Bitcoin-related actions coming out from Russia earlier on, the segment experienced a short selling panic. The coin is still the leader regarding comparative strength, as the Segwit-rally continued to restructure the marketplace towards BTC. Without a major technical immunity left until $5000, we anticipate at least a test of that zone during the present leg higher. Support levels are now found at $4650, $4400, and near $4150.
BTC/USD, 4-Hour Chart Analysis
Altcoins got under severe pressure yesterday, but that eased substantially today, and also the most significant coins rebounded firmly off their lows, with the exclusion of Ripple that’s been outperforming the industry recently. XRP is at a short-term correction following its surge, whilst Ethereum has been one of the most powerful altcoins during today’s recovery. The previously leading Dash, Monero, and Litecoin are still slightly lagging the broader market, with Ethereum Classic being the weakest important. Let’s see how the short-term charts take care of two busy days weekly.
ETH/USD, 4-Hour Chart Analysis
Ethereum held up over the $285 service once more and it si revealing significant comparative strength now, climbing back over the $300 level. As the coin is looking bullish long-term too, we still anticipate a rally over the 330 resistance soon, and a possible evaluation of the $380 degree as well, with additional assistance found at $250.
LTC/USD, 4-Hour Chart Analysis
Litecoin recovered nicely after yesterday sell-off and it remains among the very volatile coins despite being relatively weak since the China-crash. The $51 and $56 levels are likely to stay in focus as range trading remains dominant, however, the long term image is bullish and a rally towards the 64 immunity will likely be the upcoming important move in the coming weeks.
DASH/USD, 4-Hour Chart Analysis
Dash is trading below the crucial $300 level because the grinding correction proceeds in the coin. While the long term picture is encouraging, we still anticipate sideways trading to continue, similarly to LTC in front of a substantial move higher. That said, a major dip is unlikely in the money. Primary support under $300 is at $265, while resistance is ahead at $330 and $360.
XRP/USD, 4-Hour Chart Analysis
XRP is investing in a volatile short term correction after its recent surge, and also the $0.26 amount is in focus today following a short dip under $0.24 yesterday. The coin remains slightly overbought, and even though we expect the rally to continue, using a test of the $0.30 zone, the present correction could last several more days. Support levels are now found at $0.22, $0.20, and $0.18, together with immunity ahead at $0.26 and $0.30.
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic remained comparatively weak after breaking below the short-term rising trendline, as it continues to trade below the $12 level and the crucial resistance zone around $13.50. Short-term traders should still await a move over the primary immunity zone, with support still located near $11 and $9 and additional resistance forward at $16 and $18.
XMR/USD, 4-Hour Chart Analysis
Monero’s market stayed very calm even during yesterday’s brief altcoin panic, as the dominant low-volatility correction pattern is still intact. The coin still looks reassuring concerning the long-term image, together with the key $80 level still holding up. Further support is found at $68, while resistance is ahead at $100, $125, and near the all-time high above the $150 level.
NEO/USDT, 4-Hour Chart Analysis
NEO remains highly volatile as busy trading proceeds in the coin, as it has been the case ever since the Chinese ICO-ban fear. The money is back near the $30 level after yesterday’s plunge, and we still anticipate another test of the $40 degree following the end of the present volatile consolidation. The long-term picture is bullish, together with strong service at $25, and immunity forward at $34 and $40.
IOTA/USD, 4-Hour Chart Analysis
IOTA is trading right at the 48 support level after yesterday’s spike lower, and we still anticipate the key $0.45-$0.48 service zone to hold up in the upcoming period. The next leg higher should take the money back into the $0.64 resistance, with another poorer amount at $0.56, and also a long-term target of $0.75.