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Bitcoin to Cause Global Warming? All the Reasons Why That's Nothing but FUD

The cryptocurrency segment is finally showing the early signs of strength following the weekend. The bearish momentum has been relatively weak, and some of the top coins managed to climb back to, or above their prior lows.

A long-term perspective, a broad-based above, would be a short-term bear trap pattern that could be the base of a stronger bounce, especially in the most oversold coins.

The short-term picture is clearly oversold in the segment, and given the horrible sentiment. That said, long positions should be as short-term or ultra-short-term positions with strict risk-management, at least until a confirmed short-term trend change.

BTC / USD, 4-Hour Chart Analysis

Bitcoin briefly recovered above the $ 4000 following yesterday's strong bounce, and to continue with its $ 4,600 support as well. While the rally is encouraging from a short-term perspective, a clear move above the $ 4000- $ 4050 zone would be needed to confirm the possible bear-trap formation.

For now, BTC is still on sale signals on both time frames in our trend model, with the declining trends clearly being both short- and long-term. Further resistance levels above $ 4050 are ahead near $ 4450, and between $ 5000 and $ 5100, while fundamental long-term support is found near $ 3000.

ETH / USD, 4-Hour Chart Analysis

Eterum is also stuck below its first bear market low price at $ 120 despite the bounce, but it's also being oversold from a short-term perspective with the bearish momentum clearly weakening. While ETH remains on sell signals on both time frames, a stronger rally remains likely in the coming week, even as a short-term trend change is far from a technical perspective.

Traders should still only consider ultra-short-term positions, with a primary support still found in the $ 95- $ 100 zone and with further resistance ahead near $ 130.

Litecoin Recaptures $ 30 Level as Ripple Joins Bounce

XRP / USDT, 4-Hour Chart Analysis

While maintaining its relative strength in recent days, at least on the short-term time-frame, XRP also posted above the $ 0.355 and $ 0.375 resistance levels, although it remained well below the key long-term $ 0.42- $ 0.46 zone.

If the long-term trend is still neutral, the results will be longer with respect to the short-term time-frame, and , and $ 0.30.

Litecoin / USD, 4-Hour Chart Analysis

LTC is trading at $ 30 level, showing signs of relative strength, so far today, but that was not enough to trigger a short-term buy signal. The declining short-term trend is clearly intact, and the coin needs to hold on to its early strength. Strong resistance is ahead at $ 34.50 and $ 38, while yesterday's low is found near $ 26.

XMR / USDT, 4-Hour Chart Analysis

The other leaders of the bear market are still weak, with ETC, Dash, Neo, IOTA, and Monero all being stuck below their recent lows. The long-term trend is still looking strong, and the negative short-term rally.

Featured image from Shutterstock

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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