Technical Analysis: Bitcoin Tops $10,000

The cryptocurrency market continued to heal considerably, as the major coins keep on successfully tackling resistance levels following a very deep sell-off that shaved off more than 60% of the market value of the segment.

The sector is now back near the $500 billion mark in market capitalization, but investors shouldn’t get complacent here, as corrections will come along the rally, and the dominant downtrend is intact in most cases, with BTC being no exception.

With that in mind, today might not be the best time to open new positions, even as BTC could still get to the next resistance level at $11,300 before a pull-back. Further strong levels are ahead at $13,000, and $14,250, while the line-in-the-sand support is still found between $9000 and $9200.

BTC/USD, 4-Hour Chart Analysis

Monero is one of the strongest majors from a technical perspective, as it already broke its declining trend, pushed to a higher high, and it is in the process of establishing a new uptrend. That said, strong resistance is found right at the current levels and near $300, and short-term momentum is headed towards overbought territory. Investors and traders could still be looking for entry points on the short-term corrections, with support levels at $240 and $215.

XMR/USD, 4-Hour Chart Analysis

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to lag the broader market, as expected, working its way through the slightly delayed correction. The currency will likely consolidate more before a clear move out of the downtrend, but investors could still use the dips to boost their holdings. Primary support is at $850 with further levels at $740, $625, and $575, while resistance is ahead at $1000 and $1175.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin surged up to the next resistance level at $225 after topping $200, but now it’s lagging the market, as a short-term correction likely began. That said, the coin remains bullish, and when the overbought readings are cleared, investors and traders could still be looking for entry points in the coin.  Further resistance above the $225 level is ahead near $250 while support is at $200, $180, and $170.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is fighting with the $700 price level, which currently coincides with the dominant declining trendline. Further consolidation is still likely before a break-out, but we expect a new bullish cycle to begin soon. Key support levels are now found at $650, $600, $500, and $410, with further resistance ahead at $825, $950, and $1000.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is still in a bullish consolidation pattern following its strong initial rally, and the coin is still facing strong resistance at $1.25, with a less prominent level right at the current price. The currency is expected to continue the move after the short-term correction, but a dip to $1 or even $0.85 is still possible before a durable break-out, with key resistance above $1.25 ahead at $1.5.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is trading right in the key support/resistance zone between $32 and $34 after the strong rally, and the subsequent pullback, with the short-term MACD still being in correction mode.  As the long-term picture remains positive, investors could still add to their holdings on the dips, while traders could be looking for entry points as well. Key support is found at $30, $27, and $25, and while resistance above $34 is ahead near $40 and $43.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is struggling to rally above the resistance zone between $120 and $125, as expected, with the long-term picture still being slightly less positive than concerning the other majors. Despite that, investors could use the short-term dips to add to their holdings, although traders should still avoid new positions. Further resistance is ahead just above $150, while support is at $100, $80, and $64.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA is trading right at the strong resistance zone $2.2, and despite the positive long-term picture, more consolidation might be needed before a break-out, with the declining trendline also being ahead, currently at $2.50. That said, investors could still add to their holdings on the dips, traders should still remain cautious with new positions. Further resistance is found at $2.35, while primary support is near $1.9, with the next major zone being 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.

The post Technical Analysis: Bitcoin Tops $10,000 appeared first on Crypto Currency Online.

source https://cryptocurrencyonline.co/technical-analysis-bitcoin-tops-10000/