Home / Bitcoin / Bitcoin price buckles under corrective pressure; Support Holds for $ 4,000

Bitcoin price buckles under corrective pressure; Support Holds for $ 4,000

The most important cryptocurrencies continue to trade with a short-term uptrend, and thanks to the two-day meeting, the technical picture has improved across the board. The odds of a failed breakdown model have increased in the segment, with the Bitcoin clearly recovering above its previous low, joining Litecoin on the move, even though most overcoins continue to trade below the minimum of panic.

Despite the encouraging short-term turnaround on the market, given the overwhelming long-term outlook, traders should however only take into account very short-term positions, as even a short-term trend change is not yet confirmed. Having said that, we are still expecting a large-scale rebound in the coming weeks, particularly after the clear weakening of the bearish momentum following the disastrous defeat of the past few weeks, as sentiment has become extremely negative.

BTC / USD, 4 hour chart analysis

Bitcoin is now testing the declining short-term trend line after successfully overcoming the key $ 4000- $ 4050 level that marked the initial panic fund last week. Money is now a short-term single purchase in our trend model, but as already noted above, the long-term configuration still justifies only long-term positions in the most precious currency, with strict management.

The currency has already approached the next resistance level, weaker near $ 4450, and above the $ 4000 level, the bulls have control of the market, at least from a short-term perspective. The next major resistance zone is between $ 5000 and $ 5100, while support is $ 3600 with a crucial long-term zone near $ 3000.

ETH / USD, 4 hour chart analysis

Ethereum is still showing signs of relative weakness despite the fact that the currency has managed to recover above the $ 120 level. The short-term decline is still clearly intact and, given the weakness of the currencies, our trend model is neutral with respect to short-term, despite being clearly long-term bearish.

With this in mind, traders should stay away from the currency until a short-term trend change is confirmed, with primary support still in the $ 95- $ 100 zone and with additional resistance ahead of $ 130, $ 150 and $ 160.

Litecoin hits $ 35 as a wave of fights with $ 0.40 Lead level

XRP / USDT, 4 hour chart analysis

The second largest currency by market capitalization, could not follow Bitcoin to a new short-term high swing, as the rally in XRP has faded close to the $ 0.40 level. Despite the lack of short-term moves and slight relative weakness, the relatively long-term monetary position of the currency remains safe.

Ripple is still trading above support / resistance levels of $ 0.355 and $ 0.375, remaining below the long-term key $ 0.42- $ 0.46 level, and traders and investors should not yet enter new positions here, with additional support levels at $ 0.32 and $ 0.30.

Litecoin / USD, analysis of the 4-hour chart

Litecoin continues to outperform the broader market from a short-term technical perspective, and remains well above the previous bearish market close to $ 30 after triggering a short-term buy buy yesterday.

The currency has reached the resistance level of $ 34.50 as expected, and despite its clear strength, the long-term downtrend is clearly intact and traders should continue to use rigorous risk management. Further resistance is ahead at $ 38 while support below $ 30 is close to $ 26.

Stellar / USDT, analysis of the 4-hour chart

While Stellar has joined the broad rally of the segment, it remains in a relatively weak technical position, trading well below the minimum swing close to $ 0.18 and the long-term support / resistance zone just above that level. . Traders and investors should stay away from the currency, as the main long-term disaggregation is still intact and, below $ 0.195, the currency is in a confirmed bear 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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