The cryptocurrency segment had a hectic and volatile day, with several strong moves in the active trading environment. The BTC-BCash skirmish entered its next phase as Coinbase integrated the coin, and BCH skyrocketed to a new all-time high, while BTC fell as much as 20% from its recent all-time high.
Bitcoin Cash/USDT, 4-Hour Chart Analysis
BTC rebounded strongly amid the controversial events surrounding the BCH launch, but now it is back near its lows as the trading in the forked coin resumed, and the sentiment in the largest altcoin markets also turned slightly bearish.
The most valuable coin is still trading below its prior rising trendline, and with the long-term picture still being severely overbought, further correction is likely, with the first significant support zone found near $13,000, further levels at $11,300, $10,000, $9000, while stronger levels found at $8200 and $7700.
BTC/USD, 4-Hour Chart Analysis
Litecoin remained in the center of attention thanks to a bombshell Reddit post from the creator of the coin. Charlie Lee announced that he sold all of its LTC coins after the recent stellar rally, and that put some pressure on LTC, pushing the coin back below the $300 level after the failed break-out to new highs. With the long-term picture sill clearly overbought, a deep correction is likely in the coming weeks, as key support levels are still found at $125 and $100, with weaker levels between $250 and $260 and at $170.
LTC/USD, 4-Hour Chart Analysis
Ethereum
ETH/USD, 4-Hour Chart Analysis
Ethereum is trading near last week’s highs after the overnight spike lower and the subsequent bounce. The coin is still below the previous steep trend channel after re-testing the lower boundary of the pattern. The long-term uptrend is in no danger, even if the coin enters a deeper correction along with Bitcoin. Initial support is at $740, while key levels are now found at $575, between $480 and $500, and near the prior all-time high at $400.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash has been the strongest major altcoin along with Monero today, as the coin reached yet another all-time high amid the struggles of BTC, briefly topping the $1500 level. The currency re-entered its previous uptrend despite the overbought long-term momentum readings, but we still advise investors to wait for the next correction to add to their holdings. Major support levels are now found at $1000, $800, $650, and $600.
Ripple
XRP/USD, 4-Hour Chart Analysis
Ripple remained inside the short-term consolidation pattern after briefly dipping below the $0.68 support. The short-term momentum is now back to neutral, and although we expect a deeper correction in the coming period, a short-term push higher is possible here. Below the initial support at $0.68, further levels are found at $0.4250 and in the $0.30-$0.32 range.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
Ethereum Classic bounced back above $40, testing its all-time highs after the volatile dip in early trading, and it continues to trade around the lower boundary of the previous uptrend channel. Despite the short-term rising trend, we still expect the coin to enter a significant 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 remained firmly inside the dominant short-term uptrend, and the coin cleared the $400 and $450 levels amid the strong momentum-driven buying pressure. Despite the strength, investors should wait for the next correction before entering new positions, while traders should also consider exiting here, as the coin triggered a short-term sell signal today. Key support levels are now found at $300, $240, $200, $180, and $150.
NEO
NEO/USDT, 4-Hour Chart Analysis
NEO is still trading in a short-term correction pattern after spiking lower amid the broad correction overnight, touching the $60 level in early trading. A test of the $100 range extension target is still possible during this cycle, but a segment-wide correction would likely drag the NEO down as well. Key support zones are now found near $0.56, $0.50, and around $0.40.
IOTA
IOTA/USD, 4-Hour Chart Analysis
IOTA had a choppy session after testing its all-time high during yesterday’s rally and while the long-term picture is clearly overbought, the short-term setup is neutral. We still expect the correction to continue soon, and strong support is only found at $3 and $1.5, with potential Fibonacci support still at $2.35.
Featured image from Shutterstock
Disclaimer: The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.
The post Analysis: Bitcoin Suffers Blow from Bitcoin Cash as Altcoins Remain Volatile appeared first on Crypto Currency Online.
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