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The main cryptocurrencies are currently having a relatively quiet and bearish session, with still significant divergences between the strongest and weakest currencies. While US markets have closed today in recognition of the disappearance of George H. Bush, trading activity is expected to remain lower than average in the segment, especially as a result of the recent contraction in volatility.
The overall picture of the market is still clearly negative, and even though relatively strong currencies remain well above their bear market lows, even a short-term trend change is far, with the short-term peaks of last week out of reach, for now.
Having said that, the current stability could still indicate an underlying ongoing process following the November crash, but traders and investors should remain on the defensive here and consider only ultra-short-term positions, with a rigorous risk management.
BTC / USD, 4 hour chart analysis
Bitcoin has stabilized below the key area from $ 4000 to $ 4050 after yesterday's rally attempt, and although volatility in the currency market is very low, the lack of bullish momentum is still a worrying sign for investors. Even considering the weakness of last week, BTC remains among the relatively strong currencies, but since the previous fluctuating level is well above the current price level, the short-term purchase signal in our trend model is in jeopardy.
In addition, the long-term sales signal is clearly in place, and with this in mind, traders should remain on the defensive here, with strong support still found near $ 3600 and $ 3000, while above the primary zone, further resistance strong is ahead near $ 4450 and between $ 5000 and $ 5100.
ETH / USD, 4 hour chart analysis
While Ethereum still holds above, the $ 95- $ 100 key support zone and the previous low bear market, the battered currency remains under clear selling pressure, even with the primary resistance level close to $ 120 that is out of range of the bulls.
That said, given the oversold long-term picture, the short-term trend signal remains neutral, and there is still hope that we are witnessing a background process in ETH. A recovery of more than $ 120 could still trigger a correction on a larger scale, with a further resistance higher than $ 120 on close to $ 130, $ 150 and $ 160.
Monero Stuck under $ 60 as Litecoin fails to maintain relative strength
XMR / USDT, 4 hour chart analysis
Although Monero remains slightly above its previous bearish market level, it still shows technical weaknesses, although it is better than current bearish leaders. Money is struggling to return above the crucial long-term support / resistance zone near $ 60, and although it is clearly oversold from a broader perspective, bearish forces remain dominant over all time. Above $ 60, the additional resistance is close to $ 65 and $ 80, while support now stands at $ 53, $ 50 and $ 45.
XRP / USDT, 4 hour chart analysis
Undulation continues to be weak from a short-term perspective and has failed to recover beyond the resistance of $ 0.3550, with November lows very close to the current price level. Further the resistance is close, $ 0.3750 and $ 0.40, with the long-term key $ 0.42 – $ 0.46 also dominating the currency, and although the long-term configuration remains much more positive that in the case of other majors, our trend the model has a clear short-term sales signal, with support levels close to $ 0.32 and $ 0.30.
Litecoin / USD, analysis of the 4-hour chart
Litecoin is negotiating very close to the key support zone between $ 30 and $ 30.50, and along with Bitcoin, it is very close to being downgraded in our trend model, as it has failed to maintain its recent relative strength.
The current weakness of the currency is a negative sign for the entire segment, as there is still no sign of a rising bullish leadership. LTC is facing a resistance near $ 34.50 and $ 38 while below the primary zone, additional support is close to $ 26.
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Disclaimer: the analyst possesses cryptocurrency. It holds investment positions in the currencies, but does not carry out short-term or day-trading transactions, nor holds short positions on any of the currencies.
