Cryptocurrencies are on the rise today, as the short-term correction that we have been monitoring lost its steam, and the major coins turned higher. Ripple is leading the way once again, as while Bitcoin is battling with the $4400 resistance after the recovery. With no major news affecting the segment, technical factors reign supreme, and the underlying bullish trend lifts the market. BTC found support near the $4150 level while the MACD got back to neutral, and a continuation of the rally is now very likely. Further support is found at $4000 and $3800, while resistance is ahead at the $4650 and $5000 price level.
BTC/USD, 4-Hour Chart Analysis
The rest of the market is also bullish before the weekend, with all of the other majors trading in the green. NEO is still the most volatile coin, now being up by more than 5%, while Monero, Dash, Ethereum Classic, and Litecoin also being meaningfully higher. We expect the positive trend to continue over the weekend, but with correlations being low, the coins might diverge significantly. Let’s see the short-term setups.
Ethereum
ETH/USD, 4-Hour Chart Analysis
Ethereum re-tested the $285 support once again, but it is now trading above $300, within its narrow range. The long-term picture is still clearly positive, and a rally towards the $330 level is likely in the coming days, as the MACD is after a bullish cross. Support levels are found near $250 and $235, while further resistance is ahead near $380.
Litecoin
LTC/USD, 4-Hour Chart Analysis
Litecoin is stuck in a narrow short-term trading range between the $51 support and the $56 resistance level. The coin is still among the relatively weak majors, but recently some encouraging signs emerge and a rally above $56 could signal a quick surge to $64. Further support is still found near $44 while another resistance level is ahead at $75.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash is also among the laggards regarding the short-term performance, although the long-term picture remains very bullish, with the coin still being well above its July highs, and inside a rising long-term trend. The currency held up above the $300 support during the current consolidation, and we expect a move above $360 in the coming weeks.
Ripple
XRP/USD, 4-Hour Chart Analysis
XRP is after perfect break-out form a short-term consolidation pattern and the coin surpassed the key resistance zone around $0.22, as we expected. The currency is now likely headed to test the $0.26 level, with both the short- and long-term picture still being positive. Support levels are now found at $0.22, $0.20 and $0.18, with resistance ahead at $0.26 and $0.30.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic is back above the $12 level but it remains well below the key resistance zone near $13.50, and it is yet to provide a short-term buy signal for traders. That said, long-term investors could still add to their positions here, and the coin remains above the prior declining trend channels, with support near $11 and $9, and resistance ahead at $16 and $18.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero is edging closer to the dominant declining trendline in the calm environment, and the coin is trading in a very narrow range just below the $100 resistance. With the long-term picture still being very bullish, we expect a new uptrend to develop in the coming weeks, with resistance levels ahead at $125 and near the all-time high above $150. Key support levels are found at $80 and $68.
NEO
NEO/USDT, 4-Hour Chart Analysis
NEO remained inside its steeply rising short-term trend, despite the recent volatile correction, and the coin has recovered well of the $30 support. The MACD is now in neutral territory, and the currency could soon test the $40 resistance again, especially if the broad rally continues. Support is now found at $30 and $25 while resistance is ahead at the $34 and $40 levels.
IOTA
IOTA/USD, 4-Hour Chart Analysis
IOTA is trading in a narrow short-term range and it is still not out its correction, while remaining well below the $0.64 resistance. That said, the technical picture is encouraging and we expect the rally to resume soon. Primary support is found in the $0.45-$0.48 zone, with resistance ahead above $0.64 around the $0.75 level.