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The top cryptocurrencies continue to trade with a bullish short-term bias, and thanks to the two-day rally. The odds of a failed breakdown patterns in the segment, with Bitcoin clearly recovering above the prior low, joining Litecoin in the move, even as the most of the major altcoins continue to trade below the panic lows.
Despite the still short-term shift in the market, it should still be considered ultra-short-term positions, as even a short-term trend change is not confirmed yet. That said, we were expecting to be a weakening of the bearish momentum following the damaging rout of the past weeks.
BTC / USD, 4-Hour Chart Analysis
Bitcoin is now testing the steeply declining short-term trendline after successfully rallying above the key $ 4000- $ 4050 level which marked the last week's initial panic bottom. The coin is now on a short-term buy single in our trend model, but as we pointed out before, the long-term setups only justifies ultra-short-term long positions in the most valuable coin, with strict management.
Weaker resistance level near $ 4450, and above the $ 4000 level, bulls are in control of the market, at least from a short-term perspective. The next major resistance zone is between $ 5,000 and $ 5,100, while support is found at $ 3,600 with a crucial long-term zone near $ 3000.
ETH / USD, 4-Hour Chart Analysis
Ethicalum is still signs of relative weakness despite the fact that the coin managed to recover above the $ 120 level. The declining short-term is still clearly intact, and given the coins, our trend model is only neutral with respect to the short-term time-frame.
With that in mind, you can still stay away from the currency until you see the short-term trend, with further resistance ahead near $ 130, $ 150, and $ 160.
Litecoin Hits $ 35 as Ripple Struggles With $ 0.40 Level Lead
XRP / USDT, 4-Hour Chart Analysis
The second largest coin by market cap, could not follow Bitcoin to a new short-term high swing, as the XRP rally faded near the $ 0.40 level. Despite the failed short-term move and the slight related weakness, the coin's relatively bullish long-term position remains safe.
$ 0.45 and $ 0.375 support / resistance levels, while being stuck below the key $ 0.42- $ 0.46 zone, and traders and investors still should not enter new positions here, with further support levels found at $ 0.32 and $ 0.30.
Litecoin / USD, 4-Hour Chart Analysis
Long-term technical market, to remain short of the short-term technical market, and to short-term triggering single-day.
34.50 resistance level as expected, and despite its clear strength, the long-term downtrend is clearly intact. Further resistance is ahead at $ 38 while the support is below $ 30 is found near $ 26.
Stellar / USDT, 4-Hour Chart Analysis
While Stellar joined the rally in the segment, the key swing low near $ 0.18 and the long-term support / resistance zone just above that level. The long-term breakdown is still intact, and below $ 0.195, the coin is in a confirmed bear market.
Featured image from Shutterstock
Disclaimer: The analyst owns cryptocurrencies. He holds investment in positions in the short-term or day-trading, nor does he hold short positions on any of the coins.
