The price of bitcoin rises again above $ 7,000 with further gains


It was a mixture of 24 hours in the cryptocurrency segment, as if the general picture remained bearish, a lower concerted move was avoided. All eyes were focused on Bitcoin, Ethereum and Ripple while BTC plunged into a marginal minimum of 3 weeks, while ETH and XRP tried to resist above long-term support levels.

On a positive note, Bitcoin quickly resumed above the weekend minimum and Ethereum also managed to stay north of $ 400, but Ripple dropped below the support zone near $ 0.42, triggering a long-term sale. Other important engines today are IOTA and Ethereum Classic, with the former falling 10%, below the long-term key support as XRP, and ETC rising more than 10%.

The rest of the majors have changed little, with most of them hovering just above important levels. Trading activity has increased, although the most important currencies continue to be traded mainly at short-term consolidation levels, and we still expect an increase in volatility and volumes as the types of ETH, BTC and LTC are likely to they will challenge the highest levels of support.

BTC / USD, 4-hour chart analysis

The short-term downtrend in BTC is clearly intact despite the overnight rebound and recovery above the weekend lows, but for now the broader line uptrend has not been tested. BTC is still in a better technical position than most of its peers, and the structurally significant level of $ 5850 is not in jeopardy at the moment.

A sustained rally above $ 7350 would be a bullish signal for the currency and the entire segment, but for now the short-term selling signal is intact, with support levels at $ 6750, $ 6500 and almost $ 6275, and with resistance between $ 7250 and $ 7350, $ 7650 and $ 7800

Ripple Cast to Shadow on Altcoins

ETH / USD, 4-Hour Graphical Analysis

The technical configuration in Ethereum is unchanged as the currency was traded in a very narrow range just above the $ 400 support for days, but Ripple failed to maintain its support and plunged below the $ 0.42 level.

Analysis of the XRP / USDT chart, 4 hours

The currency is now risking a movement towards the $ 0.30- $ 0.32 zone, and the relative weakness of the third largest currency, along with the lack of momentum bullish in the best coins is a bearish sign for the entire market. Above $ 0.42, resistance is ahead at $ 0.45, but above $ 0.32 there is now an important level of support

ETC / USD, 4-hour chart analysis

Ethereum Classic has moved above yesterday's declining trend line, and provided a strong breakout over overnight resistance, challenging the segment's trend and triggering a short-term purchase signal in the process, while the rest of the majors are all selling signals according to our trend model.

Despite the move, traders should not enter complete positions here, as the risk of a failed move is high, given the downward market conditions. That said, if more coins show a relative strength, healthy leadership could develop which could be an important step towards a trend change in the segment.

Featured image from Shutterstock

Disclaimer: The analyst possesses cryptocurrencies. It holds investment positions in the currencies, but does not carry out short or daily transactions, nor holds short positions on any of the currencies.

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