Tron rises to the five-month level when the BitTorrent token comes into circulation

[ad_1]

The cryptocurrency segment has seen yet another rally attempt yesterday, but despite the new highs of the likes of Litecoin, Tron and Binance Coin, the best coins have failed to reach the rally and the moment of the move is suspect. With none of the top 5 coins making significant progress, the total value of the marker has changed little, and for now we are not seeing the purchase pressure of the move at the end of December.

The weakening momentum and the overwhelming long-term framework have justified several short-term downgrades in our trend model, and even if the countertrend could continue, until we observe signs of technical strength, traders should be defensive towards the segment. With the long-term negative forces still dominant, at least a minimum bear market test is likely to be probable, even if a broader background process is already under way.

BTC / USD, 4 hour chart analysis

Bitcoin continues to trade near the $ 4000- $ 4050 resistance zone, because although rally attempts fail in the most valuable currency, it remains stable holding well above the key support level near $ 3600 and the short-term trend line term currently located near $ 3850.

With that said, without significant bullish momentum, and with the long-term negative image in mind, BTC is now more vulnerable to a selloff, since long-term oversold momentum readings are now clarified. Above the primary zone, the additional resistance is close to $ 4450 and between $ 5000 and $ 5050, while support below the $ 3600 key level is close to $ 3250 and $ 3000.

ETH / USD, 4 hour chart analysis

Despite an intraday rebound, Ethereum continues to remain stuck in a short-term consolidation pattern and, given the momentum of weakening and the relative weakness of the currency, the countertrend move may already be over, or deeper withdrawal may be needed. With this in mind, traders should stay away from entering new positions here.

A move higher than $ 160, towards the $ 180 level is still possible, but in light of the long-term trend, bearish risks are rapidly increasing. Initial short-term support is close to $ 145, with further areas still close to $ 130, $ 120 and between $ 95 and $ 100, while the resistance above $ 180 is close to $ 200.

Bitcoin checks the resistance zone, but the movement does not reach the moment

LTC / USD, 4 hour chart analysis

Litecoin has undergone two failed momentum movements in recent days and, due to the clearly weakened momentum, the currency is now only on a signal of a short-term neutral trend. Even long-term oversold readings are canceled and although there is no technical evidence to show a new short-term downtrend due to the long-term bearish pattern, traders should not enter new positions here.

The currency came above the $ 40 level, respecting the broad declining trend line and all eyes are now at the $ 38 support / resistance level, with additional support near $ 34.50 and $ 30 and $ 30.50 and another area of ​​resistance far ahead near $ 44.

XRP / USDT, 4 hour chart analysis

The technical position remained unchanged for Ripple in the last few days and the currency was traded in a very narrow band between the levels of $ 0.3550 and $ 0.3750, still showing relative weakness compared to the leaders of the countertrend move and its major peers.

The XRP is still neutral in the short term and a signal of long-term bearish trend with the key long-term resistance zone between $ 0.42 and $ 0.46 is out of reach, for now, and with further support found near $ 0.32 and $ 0.30.

EOS / USD, analysis of the 4-hour chart

While EOS rebounded higher along with the broader December market, it never triggered a buy signal in our trend model due to its persistent technical weakness. Money has entered a volatility compression model since then, and although it has held up well during recoveries, the $ 3 level has proved strong for the bulls.

A sustained move above the key level would trigger a buy signal, but given the market weakness in terms of momentum, traders should stay away from the currency, especially given the long-term picture, with short-term support found close to $ 2,675 and $ 2.50 and further resistance ahead near $ 3.20 and $ 3.50.

Shutterstock foreground image

Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or daily trading activities, nor holds short positions on any of the currencies.

[ad_2]Source link