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The bullish period continues in the cryptocurrency segment and most majors hit the 3-week highs yesterday, pushing the total market value close to the $ 140 billion level. Now, almost all major currencies have short-term buying signals, but the long-term picture remains overwhelming and traders and investors should remain cautious and use rigorous risk management when negotiating on the long side here.
Bitcoin briefly passed the $ 4000- $ 4050 resistance zone, Ethereum approached the $ 120 level while Ripple traded above the $ 0.3750 level before lowering and the short-term uptrend trends remain intact in the segment and although short-term momentum indicators are slightly overbought. We expect the rally to continue in the light of the even larger oversold scenario after the defeat in recent months, at the end of the current brief phase of consolidation.
BTC / USD, 4 hour chart analysis
The bitcoin rallied to the primary resistance zone along with the broader market before entering a short-term consolidation, and the currency is now trading close to the $ 4000 price level, right in the $ 4000- $ 4050 zone.
While the structural breakdown level close to $ 5850 is very far, the rally could extend to $ 4450 or even less likely $ 5000- $ 5050 zone, amplified by the very negative sentiment and the deeply oversold long-term momentum readings. The main support is now near $ 3600 with additional levels at $ 3250 and $ 3000.
ETH / USD, 4 hour chart analysis
Ethereum pushed the resistance zone by $ 120 before retiring, and the currency overbought from a short-term perspective, and we could see a $ 95- $ 100 test before the rally probably continues. The currency is still on a short-term purchase signal in our trend model, despite being on a clear long-term sales signal. The rally could reach the $ 130 level in the coming weeks, with a further strong resistance ahead of $ 160 and support found near $ 80 and between $ 73 and $ 75.
The Altcoin remain strong in the short term, despite a slight pullback
XMR / USDT, 4 hour chart analysis
The main increases have risen again yesterday, and even though the rally has come to a halt, the short-term trend remains bullish and we expect the transfer will continue during the holiday season. Monoro and Dash have triggered short-term buying signals, despite being relatively weak during the maneuver so far, but traders should focus on the relatively stronger currencies given the long-term image in the segment.
LTC / USD, 4 hour chart analysis
Litecoin, who was among the leaders of the rally, failed to exceed the key level of $ 34.50, forming a high swing close to $ 33, but we expect that the currency will test at least the primary resistance zone during 39; current countertrend.
That said, the long-term downtrend is not in danger here, and traders should consider each position as a short-term stake, since a new lows test is likely next month, with support found between $ 30 and $ 30.50. area and close to $ 26.
XRP / USDT, 4 hour chart analysis
Ripple failed to remain sustainably above the $ 0.3750 level and test the $ 0.42 – $ 0.46 zone, as after becoming overbought by a short-term outlook, it fell below the level support / resistance. The short-term purchase signal remains in place despite the withdrawal, but from a long-term perspective, the odds still favor a lower bear market test near the $ 0.26 level, with support still found near $ 0.3550 and $ 0.32 and further resistance ahead near $ 0.51.
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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.
