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A nightly peak in Bitcoin caused a sensation today in the cryptocurrency segment, as the largest currency jumped unexpectedly past the $ 6750 level. The currency returned to pre-peak levels and the BTC rally was not sufficient to trigger a large move in the other best coins, and this once again confirmed the strong sales pressure on altcoins. With most of the coins stuck in decline, the bulls still face a huge mountain to climb before a trend change, and traders should remain aloof.
With still no sign of developing bullish leadership, a test of last week's lows seems likely in the case of most majors, while Bitcoin still seems ready to test the long-term support zone near $ 5850, although it remains in a much better shape from a long-term technical perspective. On another negative note, the relatively weak currencies that led the selloff in recent months are still underperforming again after the weekend rebound, increasing the risk of another lower segment in the trend.
BTC / USD, 4-hour chart analysis
Bitcoin briefly abandoned its tight trading range due to its nightly peak, but now the currency is back in the $ 6275- $ 6500 range that is at stake for several days. The fact that BTC has not managed to keep earnings is a bearish signal, and although our trend model is still neutral in the short term, the odds favor a move towards $ 6,000 in the coming days. Further resistance is ahead at $ 6750, while support stands at $ 6,000 and $ 5850.
ETH / USD, 4-Hour Graph Analysis
Ethereum is back on a short-term sell signal after showing weakness once again and returning below the $ 280 level and challenging $ 275 support. a minimum test near $ 260 as soon as the next few days, and with the downward trend clearly intact, traders should not yet open new positions in the currency. Further support stands at $ 235, while strong resistance is ahead at $ 300 and $ 335.
Altcoin in bearish setups around
XMR / USD, 4-hour chart analysis
While Monero was among the coins that carried the oversold rebound after having been weak for several months now seem to be bearish again, with the dominant declining trend line that has closed the rally attempts. The currency should test the $ 80 level in the coming weeks, and a successful test would be a positive sign for the entire segment. Litecoin, NEO, IOTA and above all Dash today also show weakness and this reinforces our defensive position towards the majors.
XRP / USDT, 4-hour chart analysis
Ripple is still the main single on a short-term purchase signal, and the currency is holding above the zone from $ 0.30 to $ 0 , 32 despite the hostile environment. The third largest currency is still on the downside from a longer-term perspective and, despite the short-term signal, a minimum test is likely, even if a longer-lasting fund could already be found after the sharp decline in recent months [19659012] Featured image of Shutterstock
Disclaimer: The analyst possesses cryptocurrencies. 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.
