While the rebound on Monday gave some hope to the balls that last week's dive was only a correction in a move against the current trend, so far, we have not seen a significant follow-up. This means that short- and long-term downward trends are still dominant in the segment and sellers have clear control of all major currencies.
Moreover, while volatility is relatively low, correlations are still high and even volume models are bearish, so our trend model remains on sales signals for the vast majority of currencies all-time. Traders and investors are nevertheless advised to avoid entering new positions, as we have no evidence that the bear market is over, and at least the minimum test is likely in the coming months.
That said, a quick recovery above primary resistance levels would be a positive sign here, but until we see signs of technical strength, the defensive approach is justified by the fact that downside risks remain very high here.
BTC / USD, 4 hour chart analysis
The relative stability of Bitcoin is still the only positive sign among the best coins, but even BTC lacks bullish momentum and has failed to leave the close proximity to the $ 3600 key support level. The $ 3850 resistance is out of the scope, for now, and given the clearly bearish long-term configuration, traders and investors should not place positions here.
A move above this level would be a positive sign for the bulls, with additional zones between $ 4000 and $ 4050, and close to $ 4450, but we still expect a shift to support levels near $ 3250 and $ 3000. in the coming weeks, even if a broader background process may already be under way.
ETH / USD, 4 hour chart analysis
While Ethereum has risen even higher towards the $ 130 resistance level today, the move has failed again and the bulls have failed to make technical progress, with the recent bass still in danger. A sustained boost of more than $ 130 could still signal a bankruptcy pattern, but the lack of bullish momentum indicates a continuation of the decline. Key support is close to $ 120 and between $ 95 and $ 100, while further resistance is ahead of $ 145, $ 160 and close to $ 180.
Altcoin unchanged and bearish after Choppy Day
LTC / USD, 4 hour chart analysis
The compression of volatility continued in all major segments, but the ample selling pressure is still evident in the segment. Litecoin failed to approach the primary resistance zone near $ 34.50 despite the first week's rally attempt, and continues to threaten with a move below the key support zone $ 30- $ 30.50.
A violation of support could trigger a move towards the $ 26 level, with short-term oversold momentum readings that are now being liquidated in the LTC market. Further strong resistance is ahead close to $ 38 and $ 44 and with support found near $ 23, and traders and investors should not yet enter positions here.
XRP / USDT, 4 hour chart analysis
Ripple still showed signs of relative weakness, after the short period of stability and the technical picture continues to be negative on all time, and our trend model is also on the short and long term sales signals. The price level of $ 0.32 is still in focus and we still expect a move below $ 0.30, with strong support at around $ 0.26, with resistance close to $ 0.3550 and $ 0 , 3750.
DASH / USD, 4 hour chart analysis
Dash remained among the relatively weaker majors, and still hovers around the $ 70 level after hitting a low near $ 67.50. A bearish market test near $ 56 seems very likely in the coming weeks, and only one move above the strong resistance zone between $ 76.50 and $ 80 would change the short-term outlook for the currency.
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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or daily trading activities, nor holds short positions on any of the currencies.