Crypto Update: Coins Bounce Again As The Brexit Saga Continues
While the cryptocurrency segment remained bearish for the better part of the weekend, the major coins all rallied on Sunday in late trading. The news regarding the possible extension of the Brexit deadline was likely among the factors that stopped the bleeding in the segment, but the continued violent protests in Hong Kong also pushed supported especially the price of safe-haven BTC.
The major altcoins also gained ground but the recently leading XRP lost its relative strength, and none of the top digital currencies managed to progress much from a technical perspective. With that, the segment is still lacking healthy leadership and the broader declining trend remains dominant, despite the still ongoing post-crash consolidation.
BTC/USD, 4-Hour Chart Analysis
BTC bounced back above the $8,200 level after bottoming out near $7,800 on Saturday, and the coin continues to trade in its short-term trading range. Bulls once again avoided a key breakdown, but the coin is still likely to resume the downtrend, with the level of the September breakdown being far above the coin’s current price range.
The coin is still on sell signals on both time-frames in our trend model, with support zones found near $7,800, and $7,600, and with resistance zones ahead near $8.400, $8,650, $9,200, and $10,000.
ETH/USD, 4-Hour Chart Analysis
Despite rallying together with the broader market, ETH is weekend, and the coin remains well below the recently broken short-term trendline. ETH is stuck well below the key $180-$185 support/resistance zone, and even though it’s also in a safe distance of the September low, it remains in a clear broader downtrend.
Our trend model is still on sell signals on both time-frames, with support zones found near $160, and $145, and with further resistance zones ahead near $200 and $230.
XRP Loses Steam As LTC Fights Back
XRP/USD, 4-Hour Chart Analysis
XRP failed to test the $0.30 level again this weekend, despite the late-session rally, and it continues to trade close to its rising short-term trendline, even though it hasn’t made progress for days now. From a broader perspective, XRP is still in a bearish trend, and its current weakness could signal the end of its counter-trend move, although it remains on short-term buys signal.
XRP is still on a long-term sell signal in our trend model, with support zones found near $0.28, $0.26, and $0.2475, and with resistance zones still ahead near $0.30 and $0.32.
LTC/USD, 4-Hour Chart Analysis
LTC remains stuck below the key $56 support/resistance level even though it joined today’s segment-wide move. The relatively weak coin hasn’t tested the $51 level again after last week’s spike down to the support zone, and the bearish short-term consolidation pattern remains intact in its market. We still expect a move below $50 in the coming weeks, with downside risks being dangerously high.
LTC remains on sell signals on both time-frames in our trend model, with resistance zones ahead near $56, $64, and $75, and with major support zones found near $51, and $44.
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Disclaimer: The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.