Home / Bitcoin / The price of Bitcoin flirts with $ 4,000, Altcoins ETH, EOS and LTC Flourish

The price of Bitcoin flirts with $ 4,000, Altcoins ETH, EOS and LTC Flourish

While the major cryptocurrencies have been holding onto most of their gains since last week, short-term withdrawal in the segment has continued over the past 48 hours. The first coins fell below their Christmas lows yesterday, and even though the losses were modest, the fluctuations have not yet been confirmed. That said, we remain optimistic about the short-term outlook, and we still expect the counter-current rally to continue, even if the long-term picture remains overwhelmingly overwhelming.

IOTA / USD, analysis of the 4-hour chart

Short-term traders should still play the long side in the current context, although a minimum check is likely from a broader perspective, and strict risk management rules should be used, given the countertrend nature of the move. . Traders should pay close attention to last week's rally leaders, such as Litecoin, Ethereum, IOTA and Ripple, as their relative strength or weakness will be an important clue to the entire segment.

The leaders are back above their Christmas lows and price action is still consistent with a more sustained rally in the segment. Short-term consolidation is still ongoing, with no new ups and downs among the majors and our trend model is still characterized by short-term buying signals in most cases.

BTC / USD, 4 hour chart analysis

Bitcoin tested the key support level of $ 3600 before today's rally, and continues to show slight relative weakness compared to the leaders of the movement. The currency is still well above the previous swing close to $ 4200, but we expect a new bullish swing and a probable resistance zone test near the price level of $ 4450 in the next period. Another strong resistance zone is between $ 5000 and $ 5050, while additional support is close to $ 3250 and $ 3000.

ETH / USD, 4 hour chart analysis

Ethereum fell below $ 115 before a strong rebound on Friday, but remained on a short-term purchase signal, as it retained most of its recent gains, showing relative strength compared to most of its peers.

ETH is now close to taking second place in the list of the most valuable coins and, given its recent strength, it could reach the key level $ 160 in the next week, although the downward trend is clearly intact , with support zones found near $ 130, $ 120 and between $ 95 and $ 100.

Litecoin resumed the rally while the ripple shows weakness

LTC / USD, 4 hour chart analysis

Litecoin has recovered above the $ 32 level after briefly violating the $ 30 support, and although it is still stuck below the recent swing high near $ 36, the short-term trend will likely continue. Our trend model is still on a short-term purchase signal after the pullback and we now expect a resistance test at $ 38, even though long-term oversold momentum readings are quickly erased.

XRP / USDT, 4 hour chart analysis

Ripple fell below the primary support near $ 0.3550 before the rebound, and the currency is still relatively weak relative to its larger peers. The XRP remains on a short-term purchase signal, but given its weakness, traders should be cautious about opening up new positions and focusing instead on stronger currencies for short-term transactions.

The long-term key $ 0.42 – $ 0.46 support / resistance zone could be tested in the next week, but another strong resistance level is just above the current level near $ 0.3750, with a lower level at $ 0.40 and further support at $ 0.32 and $ 0.30.

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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.

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