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After almost two days of side price actions, the main cryptocurrencies reached the lowest point following the opening of the United States, led by Bitcoin, but buyers quickly entered the short-term support levels, saving the market from another collapse. The best coins have rebounded strongly and have risen above the upper limit of the short-term range in the process, and if the upward movement were to continue, it would be a very positive signal for the coming weeks.
In spite of the volatile session and the shifting out of the range, in both directions, the broader technical configuration is unchanged and bearish, and until further strength tests, traders and investors should not yet enter new positions even in technically more coins. strong. On a negative note, the currencies showed no signs of bullish follow-through, but the next 24 hours could provide valuable information on the underlying strength of the segment.
LTC / USD, 4 hour chart analysis
Looking at the bearish market leadership, it is difficult to find a positive response even in today's price action, as the most important laggards are still stuck under key resistance levels, with clearly intact long-term downtrend trends.
LTC, for example, is still well below the $ 51 level that marked the breakdown level this week, and the bulls would need strong evidence of purchasing power before entering the markets of Litecoin, Ethereum , EOS, IOTA and other relatively weak currencies.
BTC / USD, 4 hour chart analysis
While Bitcoin was at the epicenter of today's move, it barely left the proximity of the $ 6275 support / resistance level, and remains the most stable main currency. The short-term sales signal and the long-term neutral signal in our trend model remain both in position and traders should not yet open positions here. Support levels are still at $ 6000 and $ 5850, while strong resistance is ahead of $ 6500, $ 6750 and $ 7000.
Still no sign of bullish momentum among the main Altcoin
XRP / USD, 4 hour chart analysis
The ripple has barely reduced during today's lower peak, and the currency is currently trading near the upper limit of the key long-term support zone between $ 0.42 and $ 0.46. Despite the short-term stability, the sales signal in our trend model is in place and we remain still wary of long-term prospects, given the segment-level trends.
For now, our trend model remains on a long-term neutral signal, and a move below $ 0.42 is even more likely with additional support levels found near $ 0.375 and $ 0.355 and strong resistance zones near $ 0.51, $ 0.54 and $ 0.57.
ETH / USD, 4 hour chart analysis
Ethereum is also trading higher after the volatile period today, but the second largest currency is still stuck below the key $ 200 level, and in a long-term decline trend. Given that our trend model is based on sales signals in all time periods, traders and investors should stay away from the currency, and a move to the support level of $ 180 and the downside of the market near $ 170 remains probable in the coming weeks. Additional support is found at $ 160 while the resistance is ahead at $ 235 and $ 260.
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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.
Featured image courtesy of Shutterstock.
