Technical Analysis: Quiet and Choppy day in Crypto-Land

The tug of war that we described in yesterday’s analysis continued in earnest in the cryptocurrency market, as most of the major coins remained in low-volatility holding patterns, leaving the technical setup largely unchanged.

The dominant short-term triangle pattern in BTC is noticeable in most of the major altcoins too, and that points to a more significant move in the coming day or days in the most valuable coin and the broader segment.

BTC still faces strong resistance between $9000 and $9200, with a declining trendline also adding supply in that zone, and should the coin successfully break-out above it a quick rally to $10,000 is in the cards.

As of now, the short-term outlook is neutral, and given the still intact long-term downtrend, short-term traders should still be cautious, even as a bullish outcome is more likely here. That said, as we don’t expect new lows in this cycle, long-term investors could still add to their holdings, with primary support still found at $7650, and other important zones between $6750 and $7000, and near $6150 and $5750.

BTC/USD, 4-Hour Chart Analysis

Ethereum is trading in a similar consolidation pattern to BTC with the $850 level being in the center of attention. The coin is hovering around the midpoint of the dominant declining trend channel, reinforcing the neutral short-term picture. As the long-term picture continues to be positive, we expect a break-out from the downtrend without hitting a new price low, even as the bottoming process will likely remain choppy, with volatile dips. Primary support is at $740 with further levels at $625 and $575, while resistance is ahead at $1000 and $1175.

ETH/USDT, 4-Hour Chart Analysis

 

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is slowly building up relative strength again after a corrective period, as it is trading close to the $170 level, the lower end of the primary resistance zone that capped the advance in the last couple of weeks. As the coin was among the leaders of the bounce off the lows, LTC renewed strength would point to another advance. Further resistance above the $180 level is ahead near $200 while support is at $140, $125, and $100.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash continues to be among the weaker majors, still consolidating its gains, being in a slightly worse technical position compared to LTC. That said, we expect the coin to remain well above the prior lows, and investors should continue to accumulate Dash on the short—term sell-offs, while aggressive traders could also be looking for entry points. Key support levels are found at $500, $410, and $360, while the coin is trading right in the $600-$650 resistance zone, with further levels ahead at $825, $950, and $1000.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is also slightly weaker than most of the majors following a very strong post-crash rally, and the coin remains stuck near the key $1 level. We expect the consolidation to continue in the coin before a durable rally, but even a re-test of the lows is unlikely.  Further support levels are found at $0.85 at $0.68 and $0.57, with key resistance ahead at $1.25 and $1.5.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC has been the clear bullish outlier in recent days, already showing strength last week, and now it reached the strong $32-$34 resistance zone after breaching the declining trendline. While a short-term correction is likely soon, the dips could still be used to accumulate the coin, and traders should also be looking for entry points near the main levels, although as volatility could increase again, leveraged positions remain risky.  Key support is now found at $30, $27, and $25, and while resistance above $34 is ahead near $40 and $43.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continues to slightly lag the broader market, similarly to Dash, trading close to the dominant declining trendline after its strong rally. The coin remains in an encouraging position regarding the long-term outlook, and investors could still use the short-term dips to add to their holdings. The currency is hovering just above the primary support near $240 level, with further levels at $200, $175, and $150, and with resistance ahead at $280 and $300.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO has been the least volatile major in the last couple of days, hovering around the $110 level, while the long-term picture is still slightly worse than in the case of the rest of the segment. While we expect the coin to lag the segment in the coming weeks, investors could add to their holding on the short-term dips, but traders should wait for a better long-term setup. Resistance levels are still ahead at $125 and just above $150, while support is at $100, $80, and $64.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA remained relatively weak, trading well off last week’s highs, as it is still consolidating the strong rally. While traders should still remain cautious with new positions before a confirmed trend change investors could use the consolidation to boost their holdings on the downswings.  Key resistance is still ahead near $1.9, with further resistance near $2.2 and $2.35, while primary support is found at $1.5.

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