Technical Analysis: Bitcoin Remains Under Pressure as Ripple Surges

The major coins have been trading in a choppy fashion today, with a clear bearish turn in the second half of the session, despite the early gains that were boosted by the break-out in Ripple. Bitcoin fell to a new 10-day low as it continued its correction, getting close to the $15,000 level.

As a declining short-term trend has been established, and given the overbought long-term setup, we expect further downside in the coin, with primary support found at $13,000, further levels at $11,300, $10,000, $9000, while stronger levels found at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

Ripple blasted through its prior high today, and it hit the $1 level for the first time, spiking as high as $1.1. XRP is the best performing major of the day, as the other coins turned sharply lower, although Monero and Dash trading near their record highs earlier on. Ripple has Fibonacci targets ahead at $1.25 and $1.5, while support is found at $0.68, $0.61, and at $0.42, the long-standing prior all-time high.

XRP/USDT, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum is still trading close to last week’s highs despite the brief rally above the $800 level in early trading, and the coin is still below the prior rising trend channel after the recent re-test. As the long-term momentum is also overbought in the case of the ETH token, further corrective price action is likely in the coming weeks. Initial support is still at $740, while key levels are now found at $575, between $480 and $500, and near the prior all-time high at $400.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin’s break-out above its recent highs failed recently and the coin has been under pressure ever since, and it’s now trading below the $300 level. The long-term sell signal remains intact in the coin, although the short-term momentum is now neutral. The prior steep short-term uptrend has been broken, and the correction will likely continue. Key support levels are found at $125 and $100, with weaker levels between $250 and $260 and at $170.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been among the strongest major altcoins this week, and despite the current pull-back, the steep short-term uptrend is still intact and the coin is not far off yesterday’s all-time high. That said, the currency is in a strongly overbought long-term setup like the majority of the segment, and investors should wait for a correction before adding to their positions. Major support levels are now found at $1000, $800, $650, and $600.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic turned lower off the lower boundary of the previous uptrend channel today, but it’s still not far from the $40 level that has been in focus this week. The long-term picture is still extremely overbought and we expect a deep correction soon, with key support found at $32 and $30, and further strong levels at $23 and $18.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero continued to trade similarly to Dash, staying near yesterday’s highs amid in the choppy environment. The coin turned sharply lower in the second half of the session, and now the coin is testing the $400 level. The steep short-term uptrend remains intact, but we expect the coin to continue lower after yesterday’s short-term sell signal. Key support levels are now found at $300, $240, $200, $180, and $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO continues to trade in a short-term correction pattern after last week’s break-out and the subsequent surge. While the coin is not dangerously overbought from a long-term perspective and a rally to the $100 range extension target is still possible, a continued correction in the segment could put selling pressure on NEO. Key support zones are still found near $0.56, $0.50, and around $0.40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA fell back below the $5 level despite an early rally in the coin, and it remains well below the all-time high that is has been testing recently. While the short-term setup is still neutral, the long-term picture is extremely overbought and the correction is likely to continue, with strong support is only found at $3 and $1.5.

Source: Hacked