The price of Bitcoin hangs in New 2018 Lows while Selloff resumes


The last 48 hours have seen a nice rebound in the cryptocurrency segment, which has led to improvements in the short-term technical configuration of some of the most unsold coins. While the rally, which is led by Litecoin and Ripple, has not changed the overwhelming long-term picture, it could be the start of a large-scale counter-trend move. We will take a closer look at the broader picture of our long-term cryptocurrency analysis, to be published tomorrow.

Long-term high-energy momentum readings and horrible sentiment in the segment may fuel a more sustained move, but until we confirm that the short-term shift in key currencies, traders and investors should remain on the defensive also towards the relatively stronger coins.

Stronger currencies should form a model of higher highs and lower lows before entering new positions, and for now our trend model only shows short-term neutral readings even in the case of leaders and most of the coins are still on sale on both times.

BTC / USD, 4 hour chart analysis

Bitcoins have reached the marginal lows of the new bear market before bouncing back yesterday, and although the currency has approached the $ 3600 level, it remains in a bearish technical configuration, and our trend model is still on sale on both times.

That said, a move above primary resistance could create a failed rupture pattern, which could trigger large-scale correction, but for now, traders and investors should not enter positions here. Further strong resistance is ahead between $ 4000 and $ 4050, while support stands near $ 3250 and $ 3000.

ETH / USD, 4 hour chart analysis

Ethereum also remains on the sales signals on both sides, despite the rally attempt, as it continues to be stuck under the key resistance zone $ 95- $ 100. The currency is still strongly underestimated from a long-term point of view, but until a confirmed short-term trend change, the odds continue to drive new lows in the coming weeks, and traders should stay away from Ethereum here. Further strong resistance is ahead near $ 120 and $ 120, while the next major support zone is between $ 73 and $ 75.

Leading leadership that is finally forming among the Altcoin?

LTC / USD, 4 hour chart analysis

Litecoin reached the $ 30- $ 30.50 support / resistance zone on Monday after passing the $ 26 resistance level and also broke the short-term bearish trend line. If the currency were to reach a higher swing while remaining above $ 26, a short-term trend change would be confirmed, but for now, given the long-term clearly bearish image, traders should wait before entering the coin market. Below $ 26, key support is between $ 23 and $ 23.50 while the next highest resistance level is $ 34.50.

XRP / USDT, 4 hour chart analysis

Ripple has a technical position similar to Litecoin, even though the strong rebound led the currency above the resistance levels of $ 0.30 and $ 0.32 after touching new marginal lows, a short-term trend change is not yet confirmed.

The currency must form a higher low swing and remain permanently above $ 0.32 for an upgrade to be purchased in our trend model, and for now the long-term sales signal remains clearly in place, with the next resistance zone greater is near $ 0.3550.

XMR / USDT, 4 hour chart analysis

On a negative note, only a few coins show obvious technical improvements thanks to the attempt to rally, and Monero, DASH, Stellar, NEO and ETC recorded only weak rebounds and even in the case of EOS and IOTA in the gains were enough to recover a fraction of recent losses.

So, while a short-term trend change may be ahead of course, traders should remain cautious until clear bullish leadership is established in the segment.

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