The broad rebound in cryptocurrencies continued throughout the weekend and the bull market lifted all ships this time, with all major coins making gains over the weekend. The most valuable piece ignored all the red flags and technical indicators, and exceeded $ 9,000 and $ 9,500, without major problems.
The room is the most overbought that it has ever been, and it has exceeded all our expectations during this rally, but the current outlook remains hostile from the investment point of view, and now the situation short term is also negative. That said, the $ 10,000 level could act as a powerful magnet and cause another push to new heights before a correction. Key support levels are $ 8,200, $ 7,700, and close to $ 7,000 and $ 6,700.
BTC / USD, graph analysis in 4 hours
Ethereum also drifted higher, but the chip price was close to our primary target of $ 475, and the short-term MACD points to a correction. The coin is less tense than Bitcoin with regard to the long-term picture, and a rebound to the next target at around $ 540 is likely before the end of this round, but investors should already reduce their positions to the rise. Key support levels are $ 400, $ 380 and $ 350.
ETH / USD, graph analysis in 4 hours
Warning Signs of a Wide Roof
Although only IOTA had a deeper correction among the majors in the middle of the wide lead, the parts that are in more mature rallies made less progress. Dash and Monero are virtually unchanged since Saturday, while IOTA is back near the $ 1 level. Ethereum Classic joined the severely overbought coins with its explosive move to new historical heights, while LItecoin also hit another target as I continued to increase.
The pattern in the segment seems ripe for a selloff, and although the top might be a long process, traders and investors should now be on the defensive despite the euphoric sentiment.
LTC / USD, Daily Graphical Analysis
Litecoin is getting closer to its all-time record thanks to the weekend rally, and the play is becoming neutral as far as ling-term setup is concerned, as most of the time is behind us. A test of historical highs just below the $ 100 level is still likely, and the short-term trend is still clearly positive, with support levels at $ 82.50, $ 75, and $ 64.
DASH / USD, 4 Hour Chart Analysis
Dash reached our final target for his break-out over the weekend, and although the short-term trend remains intact, we expect a deeper correction in the play soon, offering buying opportunities for investors. Traders could still play the trend with smaller positions and tighter stops, but the risk / return ratio is more favorable. Key support levels are $ 500, $ 470 and between $ 400 and $ 410.
XRP / USD, graph analysis in 4 hours
Ripple is still the weakest major form from a technical point of view, and although that means the piece is not overbought like some other majors, a wide correction would probably lower it as well. The currency still faces strong resistance, at around $ 0.26 and $ 0.30, with support levels of $ 0.2250, close to $ 0.20 and $ 0.18.
ETC / USD, graph analysis in 4 hours
Ethereum Classic broke the $ 23 mark as expected, but the coin is likely close to the end of the current cycle, given the high gains of recent weeks and overbought in the long run. Traders and investors should reduce their positions, although more in the short term. Under $ 23, solid support is found at $ 18 and $ 16.
XMR / USD, graph analysis in 4 hours
Monero further consolidates its recent gains, and the coin remains in a strong uptrend in the short term despite the relative weakness of the weekend. While the long-term momentum is already over-bought, a move towards $ 200 is still likely, but investors should already reduce their positions here. Strong support is always found at $ 150 and $ 125, while the next target level is $ 180.
NEO / USDT, graph analysis in 4 hours
NEO rebounded to the $ 40 level as expected, and the coin remains among the least overbought majors after the recent correction. The room remains bullish on all calendars, and we expect a move towards $ 50, although a selloff can bring down the NEO too, so some caution is required. Support levels are $ 34 and $ 30.
IOTA / USD, 4 Hour Chart Analysis
IOTA rebounded hard after its deep correction below $ 0.70, despite the long-term over-abundant picture. That said, we still advise investors to expect a lasting decline before adding to their positions as the risk of correction remains high, although a test of the highest of $ 1.1 is still possible. Support levels are close to $ 0.75, $ 0.64 and $ 0.56.
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Warning: The analyst owns cryptocurrencies. He holds investment positions in coins, but does not engage in short-term trading or trading operations, nor does he hold short positions on any of the coins. change.