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The main cryptocurrencies continue to be blocked in decreasing trends, despite the rebound that followed the last technical collapse in the segment. The best coins have not managed to recover above the previous bear market lows in a sustainable way, and today the market has lowered again, with weaker currencies already threatening new lows.
The long-term picture remains overwhelming to the downside, and the trend model is negative across the board, with only Bitcoin showing relative stability, which still keeps close to its previous low. There is no sign of bullish momentum among the majors and investors and investors should remain on the defensive, at least until a short-term trend change, because despite the negative sentiment and the larger and oversold picture, the odds still favor new market lows next period.
BTC / USD, 4 hour chart analysis
Bitcoin rebounded after last week's crash and tested the $ 3600 level before lowering again. As money has failed at the key level, the short-term sales signal in our trend model remains in place, along with the clear long-term sales signal.
A move to the long-term support zone near $ 3000 remains likely, and traders should not yet enter new positions here. The currency is well below the $ 4000- $ 4050 zone key, and the short-term downtrend is still intact, despite recent rally attempts.
ETH / USD, 4 hour chart analysis
Ethereum is also stuck below the minimum bear market and the key support zone from $ 95 to $ 100, similar to Bitcoin, and although the currency shows no relative relative weakness, it is still bearish on both times in our trend model, with the steep downward trend is intact.
The new lows are still likely in the coming weeks, and traders and investors should stay away from the currency. The strong resistance above the primary zone is close to $ 120, $ 130 and $ 150, while long-term support is in the $ 73- $ 75 zone.
Bearish leaders remain weak
XRP / USDT, 4 hour chart analysis
The ripple continues to be relatively weak from a short-term perspective and the currency is poised near $ 0.30 after failed rally attempts, which were limited by the resistance level of $ 0.32. The currency is selling signals on both times due to the recent weakness and technical failure, and now a bearish market test near $ 0.26 seems likely. The main support is now at $ 0.28, with additional resistance levels at $ 0.3550 and $ 0.3750.
Litecoin / USD, analysis of the 4-hour chart
Litecoin also shows relative weakness, despite its short period of strength in November and the currency is trading just above the next major support zone that is close to the price level of $ 23. The strong long-term downtrend is clearly intact and our trend model has both timelines, and new lows are likely in the coming days, with strong resistance ahead of $ 26 and between $ 30 and $ 30.50.
Monero / USDT, 4-hour chart analysis
On another negative note, bearish leaders are still not showing signs of stability, barely rebounding their lows during a large rally attempt. Monero is still among the weakest majors, and the coin seems ready for another lower leg, with the collapse of last week clearly intact.
We expect the downward trend to continue in XMR and the other relatively weak currency, and traders should not even enter new positions here, despite long-term oversold long-term readings in the segment.
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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.
