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The main cryptocurrencies started the weekend in a positive way, recovering from yesterday's selloff and stabilizing short-term technical models. The current consolidation has maintained the failed failed bankruptcy formation in the case of relatively stronger currencies such as Bitcoin and Litecoin, and although the long-term bearish picture is not yet in danger, the hope for a stronger rebound is still alive which could be the beginning of a broader background process.
That said, traders and investors should stay on the defensive here, and consider only ultra-short-term positions with rigorous risk management, even in the strongest digital currencies, with sellers who still clearly control the market . The next few days may prove to be vital for cryptopters, as another rally could bring us closer to a short-term trend shift in the segment.
BTC / USD, 4 hour chart analysis
Bitcoin managed to recover above the $ 4000- $ 4050 key area after plunging below during yesterday's drop, and with it, the most valuable currency maintained in the short-term purchase signal in our trend model, although the long-term sales signal is still clearly in place.
All eyes are now above the previous swing close to the resistance level of $ 4450, since a sustained move above that would have established a short-term uptrend, which would be a huge advantage for the team. whole segment. Despite the first signs of stability, traders should still remain on the defensive, with strong resistance ahead between $ 5000 and $ 5100, and with additional support found near $ 3600 and $ 3000.
ETH / USD, 4 hour chart analysis
Ethereum continues to lag behind relatively strong currencies locked in a strong downtrend in the short term and below the key $ 120 level. That said, the bear market lows are well below the current price level , and a large rally in the segment could also push the ETH higher, but for now traders should stay away from entering the currency positions. The main support is still in the $ 95- $ 100 zone, with further resistance close to $ 130, $ 150 and $ 160.
Litecoin has a roof of $ 34.50 when Ripple settles
XRP / USDT, 4 hour chart analysis
Ripple is still a short-term, neutral signal in our trend model, although the currency is clearly weak from a short-term technical perspective, trading well below the $ 0.40 level that has halted the initial rally attempt . The currency is trading near the support / resistance level of $ 0.3750, although it remains slightly above the $ 0.3550 level, with a volatility that is gradually decreasing in the market.
Except for signals from short-term traders, force negotiators should not enter new positions here, even if the currency remains very strong from a broader perspective, being far from its low market level. Above $ 0.40 resistance is ahead in the long-term key zone $ 0.42- $ 0.46, while additional support levels are found at $ 0.32 and $ 0.30.
Litecoin / USD, analysis of the 4-hour chart
Litecoin has attempted a rally above its previous high near the resistance level of $ 34.50, but for now the short-term uptrend has not yet been established in the relatively strong currency. The broader bearish trend is also clearly intact, so despite the short-term purchase signal traders should continue to focus on risk management, even if up to $ 38 continues to be likely, with near-by support levels for $ 30 and $ 26.
DASH / USDT, 4 hour chart analysis
Despite the pockets of an initial force, most of the main altcoins are still traded in schemes better described as dead-cat-bounces, with the bear market's lows being dangerously close, and with no sign of confident leadership in development.
Dash is among the weakest majors, trading below the initial panic lows and the $ 95- $ 100 long-term key support / resistance zone. If the bearish leaders remained stable, at least above the previous lows during the coming downswing, the probabilities of a broader background process would increase, but for now, even short-term traders should stay away from the weaker currencies.
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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.
