NEM drives the rebound of the cryptographic market with a gain of 10%

[ad_1]

The crypto-segment is experiencing a positive day so far, with the highest and highest coins, recovering most of yesterday's losses. While the main cryptocurrencies do not yet show signs of strong bullish momentum, and the market is clearly controlled by sellers, the decreasing volatility of the recent period is an encouraging sign, even if several altcoins continue to fall.

The relatively strong currencies held well above their bear market lows, and although last week's highs are not in danger, the current consolidation phase could be part of a background process after the panic. sales two weeks ago.

The $ 4000- $ 4050 zone in Bitcoin, the $ 0.40 level in Ripple and the $ 120 level in Ethereum are still the center of attention, and even though all three coins are locked under those key areas of resistance, there is still hope that the market will enter a large-scale rallies, aided by the very negative investor sentiment.

BTC / USD, 4 hour chart analysis

Bitcoin is still trading below the $ 4000- $ 4050 key area despite today's rebound and although our trend model is still in a short-term buy signal we continue to recommend ultra-short-term positions even in currency relatively strong, with strict risk management.

The long-term sales signal remains clearly in place, and the odds continue to favor the bear market from a broader perspective. Above the primary area, a further strong resistance is close to around $ 4450 and between $ 5000 and $ 5100, with support found near $ 3600 and $ 3000.

ETH / USD, 4 hour chart analysis

Ethereum continues to remain well below the $ 120 level, while continuing to operate safely above the $ 95- $ 100 support zone, which also marks the recent downtrend of the bear market. Although it is relatively weak compared to BTC, ETH is still better than most of the smaller altcoin, and a recovery of more than $ 120 could trigger a larger-scale correction in the oversold currency, with further superior resistance. at $ 120 onwards near $ 130, $ 150 and $ 160.

Still no sign of bullish leadership among the Altcoins

XRP / USDT, 4 hour chart analysis

Undulation continues to be weak from a short-term perspective, with an exchange very close to the minimum since November, and although the long-term picture continues to be encouraging, traders and investors should remain on the defensive.

Our trend model is still on a short-term sales signal, despite being neutral in the long-term time frame. The main resistance levels to look at are around $ 0.3550, $ 0.3750 and $ 0.40, with the long-term key zone $ 0.42 – $ 0.46 out of reach for now, while support it is close to $ 0.32 and $ 0.30.

EOS / USD, analysis of the 4-hour chart

Even the relatively stronger altcoins, such as Litecoin, have not managed to get close to their last ups and downs, and as the currencies are still not rising in the short term, the sellers continue to clearly control the market. On the other hand, the weaker majors are either close to their bear market lows, with EOS, DASH, NEO and IOTA, all of heavy weight on the broader market.

Litecoin / USD, analysis of the 4-hour chart

Litecoin is traded above the key support zone between $ 30 and $ 30.50, but remains very timid compared to the resistance of $ 34.50 and the maximum of the previous swing, despite its recent relative strength. While the currency is still a sign of short-term buying in our trend model, traders should remain cautious with the new positions here, given the downward trends at the segment level, although a rally is still possible until resistance to $ 38.

Shutterstock foreground image

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.

[ad_2]Source link