Because investors should pay attention to SkyCoin


The main long-term disaggregation in the cryptocurrency segment we observed last week has continued seriously today, with most majors achieving new bear market lows amid another wave of heavy sales. Bitcoin fell below $ 5200 for the first time since last October, Ethereum breached the $ 160 key level, Litecoin dropped below $ 38, with only Ripple and Stellar.

The post-breakdown rebound has faded as we expected, and today's broad selloff has brought the total market value below $ 175 billion, and for now our trend model continues to show an overwhelming picture. With this in mind, traders and investors should not yet enter new positions, with both short and long-term downward trends clearly intact in the segment.

BTC / USD, 4 hour chart analysis

Bitcoin is testing the peak of last week at the time, having returned all of its post-crash rebound, and has reached a new low margin in the process. Today the most valuable currency is 5% lower, and although the percentage of BTCs outweigh the smaller currencies (which are down 10% on average), from a technical point of view, it is also in a highly negative configuration.

Bitcoin will probably soon test the key support zone just above the $ 5,000 level and, given the segment's trends, a boost below that expected in the coming weeks, with the next key support zone found between $ 4450 and $ 4500, and with short-term resistance now near $ 5650.

ETH / USD, 4 hour chart analysis

Despite the weak positive signs last week, Ethereum is now under strong selling pressures and the currency has reduced the entire segment today, dropping below the key level of $ 160 and also testing the $ 150 level. The long-term and short-term downtrends are intact and traders and investors should stay away from the currency, as a step towards the next key support zone near $ 130 seems likely in the coming weeks.

Rippling holds above the long-term key support

XRP / USDT, 4 hour chart analysis

Ripple continues to resist segment-level sales pressure, and remains the single most important currency not on a long-term sales single in our trend model, while consolidating its second most valuable currency due to persistent weakness of Ethereum. That said, the short-term picture remains negative, even if the coin token is clearly above the key long-term support area $ 0.42- $ 0.46.

For now traders and investors should not enter new positions, but long-term investors should still keep their currencies, even considering the strong bearish market of the other major currencies. Additional support levels are still close to $ 0.375 and $ 0.355, while resistance is ahead at $ 0.51, $ 0.54 and $ 0.57.

LTC / USD, 4 hour chart analysis

After remaining below the $ 44 support / resistance level during the rebound, Litecoin, one of the bear market leaders, quickly breached the next level of support near $ 38, once again confirming its weakness. Now, a move to the next support zone near $ 34.50 seems likely, and given the relative weakness of the currency, traders should not try to grab the knife that still falls.

XMR / USD, 4 hour chart analysis

While Monero remained above its previous bear market near $ 80 until today, the currency was already on sale on all time windows, and today it has plummeted below the key level, due to the sharp sell-off in the early exchanges.

In case of service interruption, the new $ 60 support test would be very likely as there is now another level of support between the two main zones. With this in mind, traders and investors should not enter new positions here, and the tendency to decline is firmly intact in the coin market.

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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.

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