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While the main cryptocurrencies yesterday recovered their losses over the weekend and rebounded above the previous lows, the rebound was interrupted before the short-term technical change was changed. As the world focuses on today's Brexit key vote, trade volumes are once again very low, but the lack of bullish follow-through is a warning sign for traders here even considering the low level of business.
In recent days we have not seen signs of leadership in development, with correlations that remain high and with the first coins that fail at the first major resistance levels for now. Having said that, if the coins remain above yesterday's lows and push above the consolidation interval, the formation of a bear trap model is still possible even if the odds continue to favor the continuation of the market of bears.
In light of the short and long term configurations, traders and investors should stay away from entering new positions, with our trend model still selling signals on both time frames for most of the best coins .
BTC / USD, 4 hour chart analysis
While the break in Bitcoin was bought yesterday, the rebound failed to reach the $ 3850 level and the most valuable currency is still poised near the $ 3600 level, leaving both the short-term neutral and, of course, intact. , the long-term sales signal our trend model.
A move higher than $ 3850 would be a positive sign for the bulls, but the odds still favor a negative result and a probable test of the $ 3000 level in the coming weeks, so even short-term traders should still avoid entering new positions here. In addition, the weakest support is close to $ 3250, with a resistance between $ 4000 and $ 4050, and close to $ 4450.
ETH / USD, 4 hour chart analysis
Although Ethereum briefly exceeded the $ 130 level after plunging below the $ 120 support, a bankruptcy model has not been confirmed in the previous currency, and the short-term sales signal remains in effect in our trend model.
Bearing in mind the long-term bearish picture, and the hypervendute short-term momentum readings now liquidated, the outlook for the currency remains negative, even though the upswing in counter-current rallies is still possible. Additional support below $ 120 is between $ 95 and $ 100, while the resistance is ahead of $ 160 and close to $ 180.
Altcoins still stuck in downtrends across the board
LTC / USD, 4 hour chart analysis
Litecoin's rally neared the upper limit of last week's consolidation range, and although the currency is safe above the key support zone from $ 30 to $ 30.50, the momentum of the rebound is falling. Long-term bearish forces still seem dominant and the currency is well below the primary resistance level of close to $ 34.50, so our trend model remains on both-time sales signals. Further strong resistance ahead near $ 38 and $ 44 and with support lies near $ 26 and $ 23.
XRP / USDT, 4 hour chart analysis
Ripple has experienced a brief period of relative stability after the weekend sell-off, but this has not changed the general bearish picture of the currency, and the technicians are still hostile to the bulls here. The currency continues to fluctuate around the $ 0.32 level, but we still expect a move below $ 0.30 in the coming weeks with a bear market minimum test that is the most likely scenario.
Another strong level of support is close to the $ 0.26 level, with resistance close to $ 0.3550, $ 0.3750, and in the long-term key zone between $ 0.42 and $ 0.46.
XMR / USDT, 4 hour chart analysis
Monero is also among the weakest majors and although it rebounded along with the broader market, it failed to recover the $ 45 level sustainably, and remains in a clear short- and long-term downtrend. Our trend model is either selling signals on both time frames and the bearish market re-test just under $ 38 seems very likely in the coming weeks.
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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or daily trading activities, nor holds short positions on any of the currencies.
