Cryptographic update: ethereal struggles at $ 200 as Bitcoin stands strong



The cryptocurrency segment continues to be two-faced, with the relative strength of Bitcoin showing a sharp contrast to the broader weak point of altcoin. Sales pressure is still evident across the board, with some smaller coins somehow challenging the dominant trend and most majors trading near the August lows, as the market is trying to establish a more lasting fund. .

Thanks to the divergence, and in particular the persistent weakness of Ethereum and Ripple, the Bitcoin domain has returned to a new high since the beginning of the year, surpassing for the first time since December the 56% mark. The total market value remained below $ 200 billion, despite the stability of Bitcoin, while market restructuring continues. The correlations are still very high among the larger currencies, as the downward market conditions persist and we expect an increase in volatility over the following relatively calm weekend.

BTC / USD, 4-hour chart analysis

Bitcoin has kept pace of $ 6275 support despite strong sales in altcoin and is still north of the crucial area near $ 5850 after the weekend. A test of that area still seems likely in the coming weeks, although the stability of the largest digital currency is encouraging here. The currency remained on a short-term sales signal, while remaining on a long-term neutral signal in our trend model. Traders should not yet enter new positions here, especially given the segment-wide sales pressure, with resistance zones close to $ 6500, $ 6750 and $ 7000 and with further weak support close to $ 6000.

ETH / USD, 4-hour chart analysis

Ethereum dropped to its lowest level in 14 months over the weekend, breaching the $ 205 support and moving closer to another crucial area for a long time term near $ 180. While the second largest currency managed to rebound to $ 200, it remains in a steep short-term downtrend, and in a clearly bearish long-term pattern.

Money is oversold after the recent dip, but the market is still controlled by sellers, traders should not enter new positions here. Our trend model is on sell signals on both time frames and the currency faces strong resistance near $ 235, while support below $ 180 is between $ 155 and $ 160.

Dash defying the gravity in the hostile market

XRP / USDT, Analysis of the 4-hour chart

Ripple is still among the weakest currencies from a short-term perspective, and has failed to gather in the calmer weekend market. The currency is dangerously close to the August lows near the $ 0.26 support, and a test at that level is very likely next week. A break below the minimum will pave the way for $ 0.23, the next major support level, and traders should stay away from Ripple. The broad downward trend remains clearly dominant, with a still-ahead resistance at $ 0.30, $ 0.313 and $ 0.32,

DASH / USD, 4-hour chart analysis

Dash showed relative strength in recent days, drifting higher despite strong sales in the segment and reaching $ 200 again. From a prospect to In the long run, the currency is still clearly declining and the current outperformance was not enough to change the short-term signal in our trend model, but a move above the recent swing close to $ 220 would confirm a change trendy. For now, the odds still favor a test of the August lows in the bear market environment, and traders should wait for further tests of strength before entering the market.

LTC / USD, 4 hour chart analysis

While Litecoin has avoided the August lows test so far, despite the steep last week's selloff, the currency has remained weak over the weekend, and a move towards $ 50 is very likely in the coming days The weak rallies all try to fail in LTC and, although a successful test can still create a lasting fund, sellers still have control of the market and traders should not enter new positions.

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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in the currencies, but does not carry out short or daily transactions, nor holds short positions on any of the currencies.


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