The cooky rally in cryptocurrencies continued throughout the weekend, and the tide of the bull call lifted all ships this time, with all of the major coins index gains during the weekend, although definitely Bitcoin’s push close to $10,000 made the most headlines. The most valuable coin ignored all red ensigns and technical indicators, and surged past $9000 and $9500, without any notable issue.
The coin is the most overbought that it has ever been, and it overshot all our expectations during this assembly, but the current prospects remain hostile from an investment perspective, and now the short-term photograph is also negative again. That said, the $10,000 level effectiveness act as a strong magnet and cause another push to new highs before a redress. Key support levels are found at $8200, $7700, and near $7000 and $6700.
BTC/USD, 4-Hour Map Analysis
Ethereum has also been drifting higher, but the token’s payment ran into resistance near our primary target at $475, and the short-term MACD purports to a correction. The coin is less stretched than Bitcoin regarding the long-term conceive of, and a rally towards the next target at near $540 is likely to come the end of this cycle, but investors should already be reducing their viewpoints on the way up. Key support levels are found at, $400, $380, and $350.
ETH/USD, 4-Hour Chart Analysis
Advice Signs of a Broad Top
Although only IOTA experienced a deeper remedy among the majors amid the broad advance, the coin’s that are in numberless mature rallies made less progress. Dash and Monero are in effect unchanged since Saturday, while IOTA is back near the $1 very. Ethereum Classic joined the severely overbought coins thanks to its critical move to new all-time highs, while LItecoin also hit another quarry as I kept on trending higher.
The setup in the segment is looking ripe for a big sell-off, and although the top might be a lengthy process traders and investors should be defensive now teeth of the euphoric sentiment.
Litecoin
LTC/USD, Daily Chart Analysis
Litecoin is impress closer to its all-time high thanks to the weekend rally, and the coin winded neutral regarding the ling-term setup, as the majority of the advance is behind us. A proof of the all-time highs just below the $100 level is still apposite, and the short-term trend is still clearly positive, with support plains at $82.50, $75, and $64.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash hit our immutable target for its break-out during the weekend, and although the short-term trend be lefts intact, we expect a deeper correction in the coin soon, providing suborning opportunities for investors. Traders could still play the trend with smaller places and tighter stops, but the risk/rewards ratio is not favorable anymore. Key living expenses levels are found at $500, $470, and between the $400 and $410 levels.
Ruffle
XRP/USD, 4-Hour Chart Analysis
Ripple is still the weakest major fettle a technical perspective, and although that means that the coin is not overbought as the some of the other dominants, a broad correction would likely drag it lower too. The currency calm faces strong resistance near $0.26 and $0.30, with fortify levels found at $0.2250, near $0.20, and at $0.18.
Ethereum Classic
ETC/USD, 4-Hour Table Analysis
Ethereum Classic broke through its prior high at $23 as we imagined, but the coin is likely near the end of the current cycle, given the lofty secures of the last few weeks, and the overbought long-term picture. Traders and investors should cut their positions, although further short-term. Below $23, offensively support is found at $18 and $16.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero is mollify consolidating its recent gains, and the coin remains in a strong short-term uptrend consideration the relative weakness during the weekend. While the long-term momentum is already overbought, a transfer towards $200 is still likely, but investors should already trim down their positions here. Strong support is still found at $150 and $125, while the next butt level is at $180.
NEO
NEO/USDT, 4-Hour Chart Analysis
NEO bounced back to the $40 play fair with as we expected, and the coin remains among the least overbought majors after the late correction. The coin remains bullish on all time-frames, and we expect a move in the direction of $50, although a broad sell-off could drag NEO lower too, so some alertness is warranted. Support levels are found at $34 and $30.
IOTA
IOTA/USD, 4-Hour Design Analysis
IOTA bounced back hard after its deep punishment below $0.70, despite the overbought long-term picture. That chance, we still advise investors to wait for a durable move lower preceding adding to their positions as correction risk remains high, although a evaluate of the $1.1 record high is still possible. Support levels are bring about near $0.75, $0.64, and $0.56.
Featured image from Shutterstock
Disclaimer: The analyst owns cryptocurrencies. He preside overs investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he sustain short positions on any of the coins.