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While we observe the last two days, the percentage gains of the major currencies are impressive, and the short-term term is probably bullish, but the cryptocurrency segment remains clearly bearish from a long-term perspective. Given the extent of the lower recent leg, the best coins would fall even in the case of a countertrend move on a much larger scale.
That said, traders could take advantage of the strongly oversold momentum readings and the horrible sentiment towards the segment in the coming weeks, with significant short-term gains possible for the majority of majors. Long-term investors should wait at least a lower minimum before entering positions, as the model of lower highs and lower lows remains intact, and the odds still favor at least one test of previous bear minimums.
BTC / USD, Daily chart analysis
Bitcoin breached the $ 3600 support during the recent lowest stage after breaking below the structurally significant $ 5850 level, and the most valuable currency approached testing the next long-term support zone close to $ 3,000 before Current attempt to rally.
The broad downward trend is not in jeopardy despite the rebound, leaving our model trend on a clear sell signal, so any trading position should only be maintained with rigorous risk management in the currency. The resistance zone near the $ 4450 level could be reached by the current move, with further resistance ahead between $ 4000 and $ 4050 and in the $ 5000- $ 5050 zone.
ETH / USD, Daily chart analysis
While Ethereum is in a short-term buying signal due to oversold momentum readings and the recent rebound, the long-term downtrend remains clearly intact in the currency. The ETH is currently trading right at the upper limit of the support / resistance area $ 95- $ 100, and in the next few weeks it could advance towards the resistance zone $ 115- $ 120 and $ 130.
The fact that a rally of up to $ 160 would leave the downtrend intact shows the magnitude of the recent recession, and without a long underlying process, it is unlikely that a new bull market could originate in ETH. With this in mind, traders should only consider short-term positions here, with strong support below $ 100 found near $ 75.
Ripple
XRPT / USD, 4 hour chart analysis
Ripple managed to stay above the previous bear market near the price level of $ 0.26, despite showing relative weakness for weeks, but the long-term sales signal remains in effect in our trend model following the failed breakout attempt above the crucial $ 0.42- $ 0.46 support / resistance zone.
That said, money is a sign of short-term purchase as of now, but from a broader perspective, the new lows of the bear market are still likely. Resistance is now ahead near $ 0.3750, while support now stands at $ 0.355, $ 0.32, $ 0.30 and $ 0.26.
litecoin
Litecoin / USD, analysis of the 4-hour chart
Litecoin hit the bottom near the $ 23 level after the last lower stage in the bear market, and the currency returned near the $ 30 support / resistance after passing the declining short-term trend line.
Despite the rally, the currency has a clear long-term downtrend, and although a rally of up to $ 34.50 and $ 38 is now possible, it will likely follow at least one new minimum test and traders should only consider positions short-term LTC here.
dash
DASH / USD, 4 hour chart analysis
Dash has a technical model similar to that of Liteocin, but is weaker from a short-term perspective and the rally is not enough to trigger even a short-term purchase signal in our trend model. The long-term selling signal is not in danger here, but after hitting a low below the $ 60 level, the counter-current rally could carry the currency up to the $ 95- $ 105 resistance zone, with primary resistance below $ 75 and $ 80.
Ethereum Classic
ETC / USD, 4 hour chart analysis
Ethereum Classic was also among the bear bear market's bearish leaders during the recent route and the currency has lost more than 60% from the last crash. Despite the current rally attempt, currency is not a short-term purchase signal, as it remains in a very weak technical configuration.
Strong resistance is ahead in the $ 5.20 to $ 5.50 zone, but after a sustained move of over $ 4.50, traders may be looking for short-term entry points, even if the sell signal long-term is clearly in place and the downward trend is not in Danger.
Monero
XMR / USD, 4 hour chart analysis
Monero failed to maintain its relative strength after breaking with the broader November market and despite having breached its bear market after the other major currencies made it ever lower.
The XMR is weak from a short-term technical perspective, and a move above $ 50 would also be necessary for a short-term purchase signal in our trend model. Strong resistances are ahead near $ 60 and $ 80, while support is close to $ 45 and $ 37.50, while traders and investors should stay away from the currency.
NEO
NEO / USDT, 4 hour chart analysis
The negative downtrend in NEO continues to be dominant despite the current rebound, and the currency is among the weakest majors on both times, being on a clear long-term sales signal and a short-term neutral signal in our trend model.
Strong resistance is ahead of just above the current price level close to $ 7, with additional levels close to $ 9 and $ 11, while support is just below the $ 5.50 level, and traders should not yet enter positions here.
IOTA
IOTA / USD, analysis of the 4-hour chart
The IOTA is in a slightly better technical position than the other recent bearish leaders and the recent rebound triggered a short-term purchase signal in our trend model, leaving the long-term sales signal in place. A rally of up to $ 0.35 or even $ 0.40 could be ahead in the coming weeks, but traders should only consider short-term positions here, with support found near $ 0.24 and close to $ 0.21.
EOS
EOS / USD, analysis of the 4-hour chart
While EOS percentage-wise was among the top performers, given the still weak technical configuration and strong resistance slightly ahead in the $ 2.75- $ 2.80 area, the currency is still only on a trend signal short-term neutral while being on a long light – sell the signal.
EOS will probably repeat its lows before a prolonged trend change, and even in the case of a short-term sales signal in the next period, traders should remain extremely cautious with the currency, with additional resistance zones close to $ 3, 5 and $ 4.50.
Stellar
Stellar / USDT, analysis of the 4-hour chart
Stellar showed relative weakness from the collapse below the structurally important $ 0.1775- $ 0.195 zone, and the currency is still weak from a technical point of view on both times, despite the strong rebound.
With this in mind, traders and investors should not yet enter positions here, and the new lows will likely remain after the countertrend move. Resistance zones are now close to $ 0.125 and $ 0.14, while support lies just below the current price level and close to $ 0.09.
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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.
