The crypto segment is having one of the calmest weekends in recent memory, as most of the major coins are trading in narrow ranges and low volumes. NEO and IOTA are down meaningfully in the quiet environment, with the latter being among the most volatile currencies all week long. Bitcoin Cash registered a violent bounce in recent days, as Bitcoin Gold fizzled, while BTC had volatile swings itself as well.
The most valuable coin got very close to its all-time high in the middle of the week, but it’s now trading back near the primary short-term support. As the long-term remains stretched, and we expect a deeper correction soon, we urge investors to be patient with opening new positions, but traders could still play the short-term trend. Major support levels are found at $5400, $5000, and $4650.
BTC/USD, Daily Chart Analysis
The rest of the market is in a slightly bearish spell, but the positive long-term trends are mostly intact with only Ethereum Classic showing worrying weakness from a technical standpoint. Ethereum is still stuck near $300, while XRP is back near the midpoint of its long-term trading range, and Litecoin is still relatively strong, trading near the $56 level. Monero and Dash are also among the long-term leaders among the major altcoins, but they are still lagging Bitcoin, with the dominance of the largest coin still standing at 57%. Let’s see how the long-term charts evolved since last week.