Bullish price continues to dominate the segment and the upside momentum that we have been missing returned, at least in the case of some of the majors. As another sign of a healing market, the laggards of the recent period experienced a wave of buying, without significant selling in the prior leaders, Pointing to the continuation of the bullish rotation.
XRP/USDT, 4-Hour Chart Analysis
The biggest concern as of late. Ripple made a very positive move, keeping our trend model on a buy signal, as it left its grueling narrow trading range and rocketed higher by more than 20% in two days. Despite the healthy move a rally above $1.25 would still be needed to confirm a new uptrend, as the initial post-crash high is still ahead as resistance.
BTC/USD, 4-Hour Chart Analysis
The market of Bitcoin has been relatively quiet, as the most valuable coin emerged from a mid-weekend selloff without any major issues, and it is now trading very close to the dominant declining trendline, and the $11,750 short-term resistance, probably gathering strength for a break-out.
The coin has been struggling to get over this major zone, as we expected, and although further consolidation is still possible, the signs still support the bullish case. In case of another pullback, traders should watch the support levels found at $10,500, $10,000 and between $9000 and $9200, while above the key resistance zone the main targets are at $13,000 and $14,250.
Altcoins Mostly in the Green with Monero Still in Focus
XMR/USDT, 4-Hour Chart Analysis
The break-out in Monero continued despite the weekend pullback, as the coin hit a marginal new high at $380 today in early trading. The $400 level is still in sight, but as the momentum of the move is slightly waning while being overbought, short-term traders should take some profits rather than waiting for the target to be hit. Long-term investors could also take some chips off the table although the rally will likely continue even if a correction follows soon.
Ethereum continues to struggle with the declining trendline, as BTC now caught up from a technical perspective with the second largest coin. The next few days could be crucial in deciding that the most traded coins can clear the trendlines without another pullback, and we will be watching LTC and ETC, the early leaders of the rally for signs of strength, as they are still stuck in their consolidation patterns.
Among the rest of the majors Stellar and Cardano are also showing relative strength similarly to Ripple after a period of weakness, but ADA is still in a weak long-term setup, justifying further caution. Dash, IOTA, and NEO failed to make much progress, but for now, they all remain in encouraging long-term setups.
Stay tuned for our detailed technical analysis coming out later on today.
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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.
from Crypto Currency Online https://cryptocurrencyonline.co/bitcoin-whats-behind-the-major-price-spike/