As the correction in the cryptocurrency segment lost momentum during the weekend, several major coins started to show signs of accumulation, and today, a broad rally carried most of the top currencies well above the correction lows.
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While the sector is still not out of the woods, today’s advance confirmed the positive signs that we have been monitoring throughout the pullback. For now, there are still strong resistance zones ahead of the top coins and the broad declining trend is still intact in Bitcoin, Ethereum, Ripple, and most of the smaller altcoins as well. That said, we remain bullish regarding the long-term setup, and traders should also hold their positions, as new rally highs are likely in the coming weeks.
BTC/USD, 4-Hour Chart Analysis
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Bitcoin showed relative weakness during the weekend, but today, the coin recovered a large chunk of its losses and it’s trading right below the prior short-term swing high near $10,500, and a break-out above that would signal a new upswing with a likely test of the $13,000 level, and another target at $14,250, with resistance below those at $11,300 and $11,750.
ETH/USD, 4-Hour Chart Analysis
Ethereum has been holding up very well during the late-stage of the short-term correction, and although it’s slightly weaker in the second half of the session today, ETH remains in an encouraging position on all time-frames.
Two major technical obstacles are ahead for the coin, with the declining trendline and the resistance zone near the $1000 level both being in sight. While further consolidation is possible, we expect a break-out and a test of the $1000 level in the coming weeks, with primary support at $845, and further levels at $780, $740, and $625.
Litecoin
LTC/USD, Daily Chart Analysis
Litecoin is consolidating near the $225-$225 short-term resistance zone after the healthy recovery off the $180 level, with the crucial $250 level in sight for bulls. The short-term MACD is bullish, while the long-term momentum is now not favorable for new long-term investment positions, even as we expect the rally to continue, and traders should still play the bullish trend. Primary support is at $200, while above $250 the main target is the $300 level.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash moved out from the narrow consolidation pattern near the $600 support that it has been trading in throughout the weekend, and the coin is eyeing the key $650 level, and a move above that would signal a new bullish swing. The coin remains in a positive long-term setup and we expect the recovery to continue, with resistance ahead at $700 and $750, and targets at $825, $950, and $1000.
Ripple
https://hacked.com/technical-analysis-another-rally-attempt-starts-bitcoin-recovers-10000/