Analysis: Bitcoin Corrects Below $4750 as Ripple Rebounds


As the SegWit2X hard fork seems less and less a threat to the original Bitcoin blockchain, the segment is settling down and the volatile swings in altcoins calmed down. BTC itself corrected lower after the relentless rise to $4900, and the coin is now trading near the $4750 level, with the short-term picture being slightly overbought. With no major resistance level ahead until $5000, the currency should at least test the all-time high in the coming days, and a break-out to new highs is the most likely scenario.  Key support is still found at $4650, $4400, and near $4150.

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BTC/USD, 4-Hour Chart Analysis

Ripple remains the most active altcoin after the recent strong rally and the following correction, as the coin is still hovering around the crucial $0.26 level, well inside its rising trend. The rest of the majors are little changed since yesterday’s encouraging rebound, with Ethereum trading near $300, and the recently active NEO being stuck around $30. Bitcoin Cash continues to be under strong pressure, while Ethereum Classic is still the other major laggard. Let’s see the detailed short-term analysis.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade above the key $285 support after Monday’s spike lower, and the coin is holding on near the $300 level in the quiet environment. The long-term picture remains encouraging, and a rally towards the $330 level is likely in the coming week. The next target above that is at $380 while below $285, long-term support is at $250.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still hovering around the $51 support/resistance level, as it continues to trade relatively weak compared to the other majors, still failing to provide a short-term buy signal. The coin faces strong resistance at $56 and $64, and with the long-term picture still showing oversold readings, the next likely major move is a rally towards the latter. Below $51 strong support is at $44 with the upper boundary fo the long-term base pattern at $38.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash continues to trade in the correction pattern that has been dominant since the late-August top, and the coin is stuck below primary resistance at $300 for now. The long-term trend is still clearly bullish, but further sideways price action is likely as the correction concludes. Support below $300 is at $265, while resistance is ahead at $330 and $360.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP is still very active, as the short-term uptrend remains intact, and the current correction is in line with a normal counter-trend move. With that in mind, a rally towards the next major target at $0.30 is likely in the coming period, after the correction concludes. Key support levels are now found at $0.24, $0.22, and $0.20.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is trading in a short-term downtrend and it continues to show relative weakness compared to the other majors. We still advise short-term traders to stay away from opening new positions here, with crucial resistance ahead around the $13.50 level. Support levels are still found at $11 and $9, with short-term resistance now at $12.50.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero remains the most stable major regarding the short-term picture, as volatility is still very low and the coin is trading inside the rather lengthy correction pattern since the end of August. With the long-term picture still being encouraging, the digital currency is expected to break-out from the pattern soon, with key resistance levels ahead at $100 and $125, and support at $80 and $68.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO settled down somewhat near the crucial $30 level – and the 61.8% Fibonacci retracement of its long-term rally – after a highly volatile period. The coin is now trading in a trading range after the furious rally that followed the China-induced crash. The long-term picture remains bullish but more consolidation is likely before the resumption of the rally, and a re-test of the $40 resistance. Another key level is ahead at $34 while support is found at $25.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is trading inside the key $0.45-$0.48 support zone after the recent decline, but the long-term picture remains constructive, and we still expect a rally back to the $0.64 resistance in the coming weeks, with another level found below that at $0.56. Long-term support is found at $35, but we don’t expect a durable move below $0.45, and the current levels are still attractive for investors.

Featured image from Shutterstock


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Analysis: Bitcoin Corrects Below $4750 as Ripple Rebounds

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