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The cryptocurrency segment continues to be in control of sellers, with the major coins hitting multi-week lows over the weekend. On a positive note, the momentum of the latest sell-offs has been weak, like Bitcoin, Litecoin, and Ethereum, the breakdown did not lead to severe losses.
Long-term picture, traders and investors still should not enter here, but it could not break the pattern. Positions in the top coins, and we would need more technical strength to consider new positions.
ETH / USD, 4-Hour Chart Analysis
Ethereum plunged below the $ 120 support as well, continuing the short-term downtrend, and the previously leading coin still struggles to retain its relative strength. If you do not like this, you will not be able to come back to the next months.
Bulls should be looking for a quick recovery above the $ 130 level, but that will be the same time in our trend model. Further support below $ 120 is found between $ 95 and $ 100, while resistance is ahead at $ 160 and near $ 180.
BTC / USD, 4-Hour Chart Analysis
Not the bearish momentum, and it remains within striking distance of the resistance zone. BTC is still on a neutral short-term signal with respect to its stability, and a recovery above $ 3850 would be a buy-to-buy short-term buy signal.
For now, traders and investors still should not enter here, considering the hostile long-term setup. Key long-term support is found near the $ 3000 level, with another weaker zone near $ 3250, and with resistance ahead between $ 4000 and $ 4050, and $ 4450.
Altcoins Testing Key Levels
LTC / USD, 4-Hour Chart Analysis
Litecoin violated the $ 30- $ 30.50 support zone, but it remains close to the lower end of the range and the momentum of the move has not been disastrous. Broader counter-trend move will resume. The $ 30- $ 30.50 zone remains in the center of attention, with a strong resistance ahead of $ 34.50, $ 38, and $ 44.
XRP / USDT, 4-Hour Chart Analysis
Support for the entire stock fell below $ 0.32 support level, Ripple held up well since yesterday's plunge, and that is a positive sign for the whole segment, even though the coin is downtrending on all time frames. The $ 0.30 support and the $ 0.3550 resistance levels could be longer in the coming weeks, with further resistance in the near $ 0.3750 and in the key long-term zone between $ 0.42 and $ 0.46.
IOT / USD, 4-Hour Chart Analysis
IOTA, which has been one of the leaders of the counter-trend, also failed to hold up to $ 0.3150 and $ 0.30 levels, and model. A move to the support zone near $ 0.24 could be ahead, while a quick recovery above $ 0.3150 could lead to the formation of a bear-trap pattern. Further resistance is ahead near $ 0.35, while key support is found near $ 0.20.
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.
