Bitcoin Targets $ 3,900 as Momentum Builds


The counter-trend rally in the cryptocurrency segment continues, and after the period of consolidation, Litecoin has been showing strength today in early trading. The other side of the team is still up today, while the likes of Tron and Cardano are also going up, but for now, the lagging majors, such as Ripple and Bitcoin still have not joined the move, weighing on the segment's performance .

As we reiterated several times this week, odds continue to favor the continuation of the corrective rally, with correlations and volatility. A long-term perspective, the majors are still in bear markets, and a short-term will be form in the coming couple of weeks.

Traders and investors could still remain in short-term positions, but with strict risk management rules, but we would need to see the strength in the market.

LTC / USD, 4-Hour Chart Analysis

Litecoin finally exited the volatility compression pattern of the recent days, and the leading of the counter-trend move is back to its recent swing high, eye-popping to break-out and rally towards the $ 38 resistance level.

LTC is still a short-term buy-in, despite the bearish long-term setup, with further resistance at $ 40 and $ 44, and with support found between $ 30 and $ 30.50 and near $ 26. Above $ 38, traders should check their positions, with a strong declining broader trendline also providing resistance in the $ 40- $ 41 area.

ETH / USD, 4-Hour Chart Analysis

Ethereum rallied back above $ 150 and touched the $ 160 resistance today, but for now, a clear move above the key The coin continues to show its strength but the lack of momentum is a bit worrying for bulls here. A move to $ 180 is still in the coming weeks, as the short-term uptrend is intact and our trend is a clear buy signal.

That said the extent of the counter-trend move, the risks are increasing that the bearish long-term trend will resume, Below the initial short-term level near $ 145, support is still near $ 130, $ 120, and between $ 95 and $ 100, while further resistance is ahead near $ 200.

Bitcoin and Ripple Struggling to Find Momentum

BTC / USD, 4-Hour Chart Analysis

Bitcoin has been set up in the past few days. The $ 4000- $ 4050 resistance zone and the $ 3600 support.

BTC's relative weakness and the bearish long-term setup, but traders should continue to focus on the leaders, until we see the bullish momentum in the laggards. Further resistance is ahead at $ 4450 and between $ 5000 and $ 5050, while support below $ 3600 is found near $ 3250 and $ 3000.

XRP / USDT, 4-Hour Chart Analysis

Support for the weakest of the tops. For now, the coin remains on a neutral short-term trend signal, but the negative long-term outlook and the maturing counter-trend, traders should not enter new positions here barring a strong break-out on the upside.

Primary resistance is ahead near $ 0.3750 with the key long-term resistance still ahead in the $ 0.42- $ 0.46 zone, while support is found near $ 0.32 and $ 0.30.

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Disclaimer: The analyst owns cryptocurrencies. He holds investment in positions in the short-term or day-trading, nor does he hold short positions on any of the coins.

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