It’s been a very bullish day for cryptocurrencies, as although the percentage gains were not substantial in most cases, the way the market recovered from yesterday’s after-hours sell-off is commanding and underlines the positive signs that we have been monitoring in recent weeks.
Most of the majors are higher today despite the early losses, and a clear leadership is showing up for the current leg higher, with Bitcoin, Monero, and IOTA outperforming the rest of the market, with all three coins looking ahead for break-outs in the coming days.
BTC/USD, 4-Hour Chart Analysis
Bitcoin covered almost 10% today, as it hit a low near $10,200 while staging a rally that topped out just above $11,000, for now. The coin recovered quickly above the key short-term support/resistance level at $10,500, without testing the $10,000 in the process, which is another bullish sign.
BTC still faces resistance at $11,300, and $11,750, with the latter converging with the dominant declining trendline. Above those, targets are found at $13,000 and near $14,250 while the most important support zone is still between $9000 and $9200.
ETH/USD, 4-Hour Chart Analysis
Ethereum has been trading in a relatively narrow range in recent days with all eyes on the declining trendline that is now right at the current price level. The second largest coin is now in a make or break situation, and we still expect further consolidation before a clear break-out, but both investors and traders should hold to their tokens, as a bullish move could happen anytime now. Primary support is at $845, with further levels at $780 and $740, while resistance is ahead at $910 and $1000.
LTC/USD, Daily Chart Analysis
The technical setup in Litecoin’s market is has been unchanged for several days now, with the coin trading in a bullish consolidation pattern since last week’s correction and the subsequent recovery. The coin is neutral from a short-term momentum perspective, and the $225 resistance remains in focus, with the next main level found at $250. The currency will likely continue its uptrend soon, with support still at $200, and $180, and the next target above $250 at $300.
DASH/USD, 4-Hour Chart Analysis
Dash is finally showing early signs of strength today, as it left the vicinity of the $600 support in the second half of the day, eyeing the $650 resistance. The coin is still not out of the short-term correction, but if it holds up above $575, the setup remains bullish on all time-frames. Further resistance is at $700 and $750, with targets ahead at $825, $950, and $1000, while the line-in-the-sand support is at $500.
XRP/USD, 4-Hour Chart Analysis
Ripple also drifted slightly higher today, similarly to Dash, but it remains relatively weak compared to the other majors, still being stuck well below the $1 level. As long as the $0.85 support holds, the consolidation remains bullish, with targets still ahead at $1.25 and $1.5, and further support found at $0.68.
ETC/USD, 4-Hour Chart Analysis
ETC is still trading in the key support zone between $32 and $34 today, despite the dip in early trading and the following recovery. The neutral price action left the technical setup unchanged, with the bullish consolidation pattern still being intact. We expect the rally to continue, despite the slightly stretched long-term momentum readings, with resistance ahead just above $37 and near the all-time high at $43.
XMR/USD, 4-Hour Chart Analysis
Monero has been creeping higher throughout the session, showing clear signs of relative strength, and leaving behind the $300 support/resistance level. The dominant consolidation pattern is still intact, with the upper boundary at $335 serving as primary resistance. We expect a break-out from the formation soon, with a target of $400, while further support is found at $280 and $240.
NEO/USDT, 4-Hour Chart Analysis
NEO lost its recent relative strength today, as it has been under pressure ever since the reports regarding more steps against crypto-trading by the Chinese government. Despite the weakness, the coin remains in bullish long- and short-term setups, with resistance ahead just above $150, and at $190, and support between $120 and $130, at $100, and near $80.
IOTA/USD, 4-Hour Chart Analysis
Despite the recent relative strength in IOTA and the bullish long-term setup, the very strong resistance zone just ahead of the coin could still postpone a clear move higher. The dominant declining trendline has been capping the advance of IOTA today, with resistance at $2 and between $2.2 and $2.35. Primary support is found at $1.9 with another key level at $1.5.
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.
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