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The major cryptocurrencies are clinging to their recent short-term gains, as the oversold rebound following the liquidation of the first week continues. One of the best-selling currencies, Ripple is making its way higher when the resistance at $ 0.30 broke out and recovered to $ 0.32 in early trading. The total market value reached $ 215 billion, but since Bitcoin and Ethereum are still limited by $ 6500 and $ 300, respectively, a broad change in the short-term trend is not confirmed in the segment.
Monero is also among the relatively strongest currencies today, extending his rebound above the $ 90 level, and approaching the $ 100 key area in the process. Litecoin, which also showed the first signs of strength, failed to build on the rally, and because the leadership is still weak, the correlations are high and the downward trends are intact for most currencies, traders should remain on the defensive up to signs of strength in the segment emerge.
XRP / USDT analysis, 4-hour chart analysis
Ripple is trading in the strong zone $ 0.30- $ 0.32, after the overnight rally, being the only principal that triggered a signal of short-term purchase. Despite the signal, the long-term bearish pattern is still clearly underway, and the currency continues to face strong resistance at $ 0.32, with a weaker level even close to $ 0.35, and traders should consider the current move as a counter-current rally. Support below $ 0.30 is close to $ 0.28, with a longer-term level of $ 0.26, and the currency has already canceled the oversold momentum readings
ETH / USD, Analysis of the 4-hour chart
We continue to consider Ethereum as the most important indicator of the state of the market, since ETH was at the epicenter of the recent steep selloff, and now it is looking to gain ground above the key level of $ 300.
Despite the relative stability of the currency, he failed to follow Ripple higher, and also failed to trigger a short-term purchase signal, as the declining trend remained clearly intact, even if the steepest trend line was interrupted. The currency has a strong resistance just above the current price level and close to $ 335, while the support is between $ 275 and $ 280 and close to $ 260.
Bitcoin still stuck under resistance
BTC / USD , 4-hour chart analysis
The BTC was trading in a narrow band below the $ 6500 level when altcoins tried to reorganize, but the relatively strong currency has not yet shown a significant bullish momentum. The currency remains on a signal of a short-term neutral trend, and with the long-term key level of $ 5850 is not in danger, even the long-term prospects are neutral.
A move above $ 6500 could still trigger a short-term signal purchase, but the rest of the segment will likely need further consolidation for a change in trend, and a further strong resistance is ahead of $ 6750. and $ 7,000, while support stands at $ 6275 and $ 6000.
EOS / USDT, 4 hour chart analysis
While some coins show promising signs in the short term, most majors remain deeply hurt from a technical point of view, with NEO, IOTA, DASH and All EOS they only manage a weak rebound, despite clearly superior momentum readings. With this in mind, the probabilities of a new minimum test are still high and volatility may increase again in the coming days.
Featured image of Shutterstock
Disclaimer: The analyst possesses cryptocurrencies. It holds investment positions in the currencies, but does not conduct short-term trading or day trading, nor holds short positions on any of the currencies.
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