The cryptocurrency segment has been very quiet over the weekend with most of the main transactions involving the sale of coins, with a progressive narrowing of the ranges with very low volumes. The total market value has stabilized near $ 220 billion, with only Ripple reporting significant moves hovering around the $ 24 billion Ethereum ceiling.
The short-term picture remains mixed, although today most of the best currencies trade a little lower, with Ripple, Litecoin, Monero and Stellar remaining in bullish configurations, and Bitcoin, Ethereum and Dash that maintain a short-term neutral signal in our trend model in the face of bearish long-term pressures. Given the current volatility compression, the next two days may see an important move, and given that the long-term configuration is still bearish, the odds continue to favor a sell-off.
XRP / USDT, 4 hour chart analysis
While Ripple triggered a long-term purchase signal yesterday confirming a low swing, the currency failed to garner significant momentum after the move, and now it is back near the key level of $ 0.57 that has been focused on days. The XRP is still clear of the support level of $ 0.54, along with the short-term purchase signal. Additional support is close to $ 0.51 and between $ 0.42 and $ 0.46, while the resistance is ahead at $ 0.64, $ 0.68 and between $ 0.725 and $ 0.75.
BTC / USD, 4 hour chart analysis
The bitcoin continues to trade close to the $ 6500 level without a clear direction, still within the weak uptrend that developed from the August low. The current short-term relative weakness could mean another $ 6275 support level test this week, and a break below that would warn of a move towards $ 6000 and the long-term key zone near the level of $ 5850.
On the other hand, a move higher than $ 6750 would trigger another short-term purchase signal, and since the larger triangular pattern is almost completed, a significant move is expected in the coming weeks. Additional support is $ 6,000 while resistance is ahead at $ 7,000 and between $ 7200 and $ 7300.
Altcoin still mixed and flat after the weekend
ETH / USD, 4 hour chart analysis
Ethereum failed to regain the crucial resistance level of $ 235 despite numerous attempts in recent days and the currency continues to trade well below the previous trend line, but above the support level of $ 200, keeping it on a single natural short-term.
ETH also has a strong resistance at $ 260 and between $ 275 and $ 280, while with the broader and dominant declining trendlines they are also close to that area. Additional support levels are found near $ 180, $ 170 and $ 160 and traders should not yet post new positions here.
NEO / USDT, 4 hour chart analysis
The NEO is still among the major weakest majors that are clearly below the support / resistance zone $ 21- $ 22, within a trading range that has remained intact for most of September. The currency is on an all-time selling signal and despite the recent stability, the new August minimum test is the most likely scenario for the coming weeks. The support is close to $ 16.5 and $ 13.5, while the additional resistance is close to $ 24.5.
XMR / USDT, 4 hour chart analysis
Monero is simply clinging to the growing short-term trend line after a period of relative weakness, but it is still a sign of short-term buying in our trend model. The long-term single is neutral thanks to the strong rally below the August lows, but since a leadership in the segment has not yet developed, traders should remain cautious with the new positions here. Support levels are still at $ 108, $ 100 and $ 80, while strong resistance is ahead between $ 120 and $ 125 and close to $ 150.
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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or day-trading transactions, nor holds short positions on any of the currencies.