The main cryptocurrencies continue to trade in tight intervals after last week's decline and the failed rally attempt this week. While Bitcoin is stuck near the $ 3600 support, the other best coins have lost ground today, with Ethereum falling below the $ 120 level, Ripple breaching the $ 0.32 level and Litecoin still testing the support zone $ 30- $ 30.50.
Volumes and trade volatility remain very low across the board, but correlations are still high among the majors and, despite the quiet environment, we have not seen bullish signals in the market. Having said that, the trading bands developed this week are still intact and, although the overwhelming majority over the long term continues to make the continuation of the decline more likely, a bankruptcy model in the segment could still develop, if the best coins recover over the their weekly highs in the coming days.
For now, our trend model remains on the sales signals on both maturities in the case of most majors, and traders and investors should still avoid entering new positions here, with no bullish leadership present yet.
BTC / USD, 4 hour chart analysis
Bitcoin is still relatively stable even in a very quiet environment, and the most valuable currency is traded at the $ 3600 support / resistance level. BTC has formed a volatility compression model in recent days, and this formation indicates a more significant in the coming days, with a transition that is inevitable as soon as this weekend.
The bulls are still looking for a move above $ 3850, towards the key area between $ 4000 and $ 4050, but the long-term bearish pattern continues to favor a fall below $ 3600, with support areas still found near $ 3250 and $ 3000, and traders and investors should still not post positions here.
ETH / USD, 4 hour chart analysis
Ethereum failed to approach the resistance level again $ 130, and while it was falling below its primary support, the low swing test near $ 112 is likely in the coming days. The currency remains on the sales signals on both time frames in our trend model, and a move to the key support zone and between $ 95 and $ 100 is likely in the weeks ahead, subject to a quick reversal above $ 130. it's ahead at $ 145, $ 160, and close to $ 180 while the bear market's bottom is near $ 80
Ripple under pressure again in a weak environment
EOS / USD, analysis of the 4-hour chart
Altcoins continue to trade without clear direction despite today's decline, but the bearish downtrend of recent days means that key support levels could be focused on the weekend, if the volatility compression finally ends. The few big coins that show signs of strength have not been able to maintain the bullish momentum, like EOS, which returned yesterday's gains today.
XRP / USDT, 4 hour chart analysis
While the Ripple market is still very quiet, the currency has still fallen below $ 32 support, and remains relatively weak compared to its closest peers. It's also selling signals on both times in our trend model, and a decline below $ 0.30 will likely be the next significant move. Further strong support is close to the $ 0.26 level, with resistance close to $ 0.3550 and $ 0.3750.
LTC / USD, 4 hour chart analysis
Litecoin is traded just above the key support zone $ 30- $ 30.50, and the sill failed to approach the next main area near the price level of $ 34.50. Given the long-term unfriendly configuration and the short-term sale of our trend model, traders should stay away from the currency, with a move towards the $ 26 level probably in the coming weeks. Further strong resistance is ahead near $ 38 and $ 44 and with another level of support found near $ 23.
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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.