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The cryptocurrency segment once again became red once again, after the strongest rally attempt after the structural break in Bitcoin, which led to a lower damaged leg in the current bear market. The main currencies have all been withdrawn from their recent major swings and most of them have fallen below the initial panic lows of last week, jeopardizing potential bankruptcies.
The next few days will be very important for the segment, because even if a large-scale rebound is still likely in the coming weeks, if the current coin rally fails, even the slight short-term upward bias would disappear.
The long-term configuration is still overwhelming in the cryptography market and, even in the case of a positive recovery from the current downturn, traders should only consider long-term positions with very stringent risk management in the strongest currencies.
BTC / USD, 4 hour chart analysis
Bitcoin dropped below the $ 4000- $ 4050 zone key and if the most valuable currency remained below that, it would again be downgraded in our trend model. For now, BTC is just under the primary support and the bulls can still hope for a quick recovery that keeps the failed breach pattern intact.
That said, the long-term downtrend is not in jeopardy and the odds encourage the bear market to continue from a broader perspective, and our trend model remains on a clear long-term sales signal. With further strengths ahead close to $ 4450 and between $ 5000 and $ 5100, and with support found near $ 3600 and $ 3000.
ETH / USD, 4 hour chart analysis
The technical position of Ethereum is virtually unchanged despite the current decline and the currency remains on a short-term neutral signal in our trend model, with still a clear sign of long-term sales. ETH is clearly tradable below the key level of $ 120, and traders and investors should still not post positions here, given the relative weakness of the currencies. The main support is still in the $ 95- $ 100 zone, with further resistance close to $ 130, $ 150 and $ 160.
Litecoin remains on the purchase signal amid the weakness of Altcoin
XRP / USDT, 4 hour chart analysis
While Ripple maintains the short-term neutral signal in our trend model, the currency did not show the strength it had in the early stages of the current bear market. With this in mind, traders and investors should not yet enter new positions here, until a short-term trend change confirmed.
Ripple is now trading in support / resistance levels of $ 0.355 and $ 0.375, remaining below the long-term key $ 0.42 – $ 0.46, with additional support levels at $ 0.32 and $ 0.30.
Litecoin / USD, analysis of the 4-hour chart
Litecoin continues to record relatively satisfactory performance despite the pullback of today, and remains above last week's panic, while remaining on a short-term purchase signal in our trend model. That said, the currency has a clear downward trend in the long run and traders should only consider short-term positions. Primary resistance is ahead near $ 34.50, with another strong level at $ 38, while support below $ 30 is close to the $ 26 level.
EOS / USDT, 4 hour chart analysis
Most major altcoins are still very weak from a technical point of view and continue to confirm the broader bearish trend, with no sign of developing bullish leadership. Characters like Dash, Monero, NEO, ETC and IOTA have not yet come close to a short-term purchase signal, while EOS remains the weakest currency of our trend model.
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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or day-trading transactions, nor holds short positions on any of the currencies.
