Crypto Update: Coins Hit By Another Wave Of Selling
The major cryptocurrencies have been under pressure again following a couple of very quiet sessions, with all of the top coins edging lower. The move is threatening the lower boundaries of the short-term trading ranges, and the key support levels that have been holding up the majors could be under pressure in the coming days.
BTC continues to show relative weakness, together with XRP, and since LTC also joined the ranks of the lagging coins, only ETH is showing promising stability. That said, a technical breakdown is still not confirmed and the counter-trend move could still resume the support levels hold and more majors would manage to support ETH. Our trend model remains overwhelmingly bearish on both time-frames, so a broad bullish shift would be needed for a meaningful change in the segment’s outlook.
BTC/USD, 4-Hour Chart Analysis
BTC continues to be under selling pressure, and the coin failed to stay above the key $8,650 level after yesterday’s very tight range. The coin now gave back a large chunk of the late-October spike, and a test of the October low looks likely even though there are several support levels that could at least temporarily stop the bleeding.
The coin is still on sell signals on both time-frames in our trend model, with further support zones found near $8,400, and $8,200, and with resistance ahead near $9,200 and $10,000.
ETH/USD, 4-Hour Chart Analysis
After attempting a rally yesterday, ETH is now back near the $185 level, still showing short-term strength compared to BTC and the other top coins. The $180 level is still not in immediate danger despite today’s broad weakness and volatility remains very low in the second most valuable coin’s market.
Our trend model is still on sell signals on both time-frames, with further support zones now found near $160, $145, and $130, and with resistance zones ahead near $200 and $230.
XRP Nears $0.26 As LTC Violates $60 Level
XRP/USD, 4-Hour Chart Analysis
XRP edged closer to the key $0.26 support level today, as the selling pressure in the segment intensified, and the coin now looks ready to resume its ongoing bear market as soon as in the coming days. Bulls would need a quick change in the segment-wide trends in order to avoid a key technical breakdown in the relatively weak coin’s market.
XRP is still on sell signals on both time-frames in our trend model, with support zones found near $0.26, and $0.2475, and with resistance zones ahead near $0.28, $0.30, and $0.32.
LTC/USD, 4-Hour Chart Analysis
LTC confirmed this week’s bearish shift today, dropping below the $60 level and hitting its lowest level in ten days. The coin is still holding up above the key $56 support, but since its long-term technicals are overwhelmingly bearish, odds are heavily in favor of another downswing in the ongoing broad downtrend.
LTC remains on sell signals on both time-frames in our trend model, with further resistance zones found near $56, $51, and $44 and with the next major resistance zone ahead near $75.
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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.