The cryptocurrency segment is still under the influence of this week's key technical breakdown that has led several majors to below critical support levels. Bitcoin's moves have dominated the market over the past few days and, since the most valuable currency has formed a short-term fund, the first coins have entered a phase of uncertain consolidation, retracing part of their steep losses.
Ripple and Stellar continue to outperform the broader market from a technical point of view, and some other currencies, such as Ethereum and Monero, are also holding back above the previous lows of the bear market, but the overall picture is still overwhelming in the market. The total value of the coins is slightly higher than $ 180 billion, but further losses will probably be in the coming weeks, with all the majors being well below the levels of failure, confirming the move.
BTC / USDT, 4 hour chart analysis
Bitcoin found support near the $ 5350 price level even though it reached a peak of $ 5200 during the route, while the rebound led the coin to $ 5650. The breakdown is clearly intact in BTC and our trend model remains on sales signals over a period of time, with a $ 5000- $ 5100 zone test still probable in the next period.
Bitcoin faces strong resistance in the long term near $ 5850, with additional key levels at $ 6,000, $ 6,275, and traders and investors should not open new positions here, with the long-term downtrend clearly plain.
XRP / USDT, 4 hour chart analysis
Ripple outperformed Ethereum in terms of market capitalization, thanks to relative relative strength this week, and the currency is still holding above the long-term support zone between $ 0.42 and $ 0.46.
That said, our trend model is still in a short-term selling signal, and given the segment's bearish trends, traders should not enter new positions here, even if the currency is likely to be among the leaders of future rally attempts. . Additional support levels are close to $ 0.375 and $ 0.355, while resistance is still ahead at $ 0.51, $ 0.54 and $ 0.57.
Ethereum holding the soil above the bear market low
ETH / USD, 4 hour chart analysis
While Ethereum failed to recover the resistance level of $ 180 during the rebound, it also avoided a sustained move below the previous market down close to $ 170, despite the peaks towards the $ 160 support. short term of Ethereum is a slightly positive sign, but without further signs of strength, the currency remains in a clearly bearish technical configuration. With this in mind, traders and investors should stay away from the currency, as the odds still favor the continuation of the broader downtrend.
LTC / USD, 4 hour chart analysis
Litecoin continues to trade below the support / resistance level $ 44 after a clear interruption to the new bar market minimums, and remains one of the major technical weaknesses. A move to the next major support zone near $ 38 is likely in the coming weeks, although a rebound up to the $ 47 level is in the cards. Litecoin also points to both-time sales signals in our trend model, with additional strong resistance levels at $ 51 and $ 56.
EOS / USD, analysis of the 4-hour chart
EOS is hovering around the key support zone near $ 4.50 as a peak towards the bear market is close to $ 4.30 during the steep selloff. The weak rebound did not change the technical set-up, and the currency would still fall below the previous minimum, as the long-term downtrend trend is clearly intact. Our trend model is selling short and long-term trend signals, with resistance levels high at $ 5 and $ 5.35.
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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.