Huge Technical Analysis: Crypto-Surge Continues; Market Ripe for Deep Correction

The historic rally in the cryptocurrency reached even higher today, with Bitcoin surging past the $10,000 mark and some altcoins experiencing another day of lofty gains. Although today’s rise is not as broad as the rally of the recent days, the segment hit another all-time high regarding capitalization above the $310 billion mark, with BTC adding the most in market value again.

The last major coin on a short- and long-term buy signal, Ripple, finally joined the party, as it surged past the $0.26 resistance and it’s now headed towards $0.30 after a lengthy period of relative weakness. The coin is still yet to turn overbought, and a rally past the long-standing resistance zone between $0.30 and $0.32 is now possible in the coming days, although the majority of the market is now ripe for a deep correction.

XRP/USDT, 4-Hour Chart Analysis

Ethereum Classic scored the largest percentage gains today, and that triggered a short-term sell signal, so now we advise investors and traders to only keep their core holdings and wait for the next deeper correction to open new positions. Trailing stops are ideal for exiting trades during such break-outs, with the first major support zone only found at $23.

ETC/USD, 4-Hour Chart Analysis

Litecoin and Monero also gained further ground today, as the positive short-term signals remain active, while Ethereum continued to consolidate near our primary target at $475. IOTA hit a record high above the $1.1 level, despite its already overbought state, while Dash and NEO drifted slightly lower. Let’s see how the short-term setups of the majors.

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin is grinding higher today, with all eyes on the historic $10,000 mark, as public interest is at an unprecedented level towards the cryptocurrency. We expect a deep correction soon in the coin, as it remains severely overbought on all-time frames, with key support levels are still found at $7700, $7000, and $6700. That said, a short-term move above $10,000 is likely, as the uptrend is still intact.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade right at the $475 level, but it failed to launch an advance above the $500 mark so far, despite the broad rally in the segment. The short-term momentum is almost in neutral territory thanks to the consolidation, and another leg higher above the historic price level, towards the target at $545 is likely in the current cycle. Key support levels are still found at $400, $380, and $350.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin got even closer to its all-time high and the $100 level today, and the coin is likely to test both in the coming period, although a broad correction could drag LTC lower as well. Long-term investors should already be reducing their positions here, but traders should still play the rising trend, with support levels at $82.50, $75, and $64.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash remained relatively weak regarding the short-term picture after hitting out our final target for its break-out, with the $600-$625 zone still being in the center of attention. As the coin remains severely overbought regarding the long-term momentum, investors shouldn’t open new positions here. That said, with the short-term MACD almost back in neutral territory, and the uptrend still being intact, another push to new highs is possible.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero hit our next target at $180 today, with double-digit gains, and although the short-term trend remains intact, investors should continue to reduce their positions on the way up. We still expect a move to the $200 level, with strong support found at $150 and $125.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO showed relative weakness today after yesterday’s bounce, but the long-term picture remains encouraging, as the coin is still not overbought. We still expect a move towards the $50 level, although the risk of a broad correction in the segment is rising, while strong support is found at $34 and $30.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA surged past the previous all-time high at $1.1 amid the euphoric sentiment, but the coin remains extremely stretched regarding the long-term momentum, and now the short-term risk/reward ratio is also unfavorable. Investors and traders should now wait for the next deeper correction before entering new positions. Support below $1.1 is found at $1, $0.75, $0.64, and $0.56.

*verbatim source:
https://hacked.com/technical-analysis-crypto-surge-continues-etc-monero-ripple-leading-charge/ (this is a paid site)