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BITCOIN:-
The cryptocurrency segment experienced some rotation after the first day of the week, as BTC showed some relative weakness following its strong break-out during the weekend. The most valuable coin still inched higher, and it got close to the $3500 level for the first time ever, but Ethereum, Monero, and NEM all gained more. BTC remains short-term overbought, but the currency hasn’t been hurt too much by the strong bounce in Bitcoin Cash, which got back to $350, as volatile trading continues in the forked coin.
ETHEREUM
ETH is getting close to the most likely target of the current short-term move near $285, with the MACD indicator edging towards overbought readings. The coin has confirmed the trend change last week, and the token is finally is finally showing relative strength. That said, the all-time highs are still $120 away, and with the long-term momentum still only being neutral, more buying opportunities are likely ahead after the next short-term consolidation.
MONERO
Monero reached above $52 today, still being one of the strongest coins, and trading just 10% off its all-time lows. While the short-term picture is getting overbought a rally to $58 is in the cards, but short-term traders should wait with new positions, and reduce exposure here. Support levels are now found at $50, $46, and near $42.
LITECOIN
Litecoin is still trading in very narrow range right at the $46 level, holding to its gains from last week. A move towards $50 and the prior high above $56 is still likely, and the long-term range projection target remains just below $60.
DASH
Dash is right at the $200 resistance today, as it bounced back off the declining short-term trendline overnight. A break-out from the consolidation pattern is still likely, which would point to the re-test of the prior high above $220, with short- and long-term momentum indicators still being in neutral territory, and the coin being on a buy signal.
RIPPLE
XRP continued to drift lower in a narrow range after breaching the 0.18 level during the weekend, remaining among the weakest majors. The long-term correction pattern is still intact, but the price is quickly approaching the declining trendline. Crucial resistance is ahead at $0.22 with support found at $0.16.
