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The cryptocurrency segment continues to trade with a downward trend, with almost all majors challenging their bear market lows in the last 24 hours. Although a large distribution has so far been avoided, in the case of the best currencies, there is still no sign of significant bullish momentum or developing leadership, so the odds continue to favor the bear market.
That said, given the recent structural selloff, the long-term oversold technicians and the negative sentiment, a successful test of the lows followed by a correction on a larger scale is still possible here. The relative stability of Bitcoin is a positive sign here, and although traders and investors should remain defensive here, ultra-short-term positions with strict risk management could still be opened with stronger currencies.
BTC / USD, 4 hour chart analysis
The overwhelming majority of coins have sales signals on both times in our trend model, but Bitcoin and Litecoin continue to show weak bullish signals, although BTC is clearly below the $ 4000- $ 4050 zone key. The market for previous bears is not in danger for now, and the most valuable currency should hold over $ 3600 to keep short-term hopes alive.
Despite the possibility of a correction on a larger scale, the long-term configuration is bearish, and even a short-term trend change would require significant technical improvement. Under $ 3600, further strong support is close to $ 3,000, while the resistance is close to $ 4450 and between $ 5,000 and $ 5100.
ETH / USD, 4 hour chart analysis
Ethereum tested its low bear market and the $ 95- $ 100 support zone, confirming its relative weakness against Bitcoin once again, but for now the currency has avoided a crash. Bearing in mind the broader and oversold picture, our trend model is still a short-term, neutral signal, despite being on a clear long-term sales signal.
Although it is still possible that we are already in a full scale process, traders and investors should not enter positions here, with strong resistance ahead of $ 120, $ 130, $ 150 and $ 160.
It clearly supports control across the board
XRP / USDT, 4 hour chart analysis
While Ripple managed to keep below the $ 0.32 support, it continues to be weak from a short-term point of view, and is close to its lowest level since September. The currency remains well above its bearish market level, but without rapid improvement, our trend model will soon become bearish on both sides. Resistance is now ahead of $ 0.3550, $ 0.3750 and $ 0.40, while additional support is $ 0.30.
Litecoin / USD, analysis of the 4-hour chart
Litecoin failed to recover beyond the support / resistance zone $ 30- $ 30.50, as it continued to weaken from a short-term perspective, and the currency is now on a short-term neutral signal in our trend model, while remaining on a long distance – sell the signal. LTC is still well above the support of $ 26 and its previous bear market is low, but given the pressures at the segment level, in the coming days it is possible to carry out a minimum check.
Dash / USD, 4 hour chart analysis
While relatively strong coins are still trading close to their initial panic lows, latecomers are stuck in damaging downtrends, with still no sign of stability. Dash is one of the most bearish majors and today the currency has fallen below the $ 75 level, hitting a new bear market. Except for a quick recovery of more than $ 80, it is likely to move to the next major support zone near $ 60, and the currency will remain on the sales signals on both time frames.
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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in the currencies, but does not carry out short-term or day-trading transactions, nor holds short positions on any of the currencies.
