Crypto Update: Majors Flirt With Resistance Levels As Bulls Eye New Upswing
We are having a bullish weekend in the cryptocurrency segment, as after settling down following a volatile week, the majors have been drifting higher in the past 24 hours. The technical setup remains bearish from a short-term perspective, with most of the corrective patterns being intact, but LTC has been showing encouraging strength this weekend. As it was the coin that led the first phase of this year’s rally, LTC’s strength is a positive sign for the whole segment, and while the correction can still continue, the rally might resume sooner-than-expected.
Our trend model continues to be bearish on the short-term time-frame, although LTC got close to a renewed buy signal, together with ETH and BTC, but the long-term setups remain clearly bullish and we expect the freshly formed uptrends to continue. The coming days could still see a spike in volatility, with new correction lows being in the cards too, but the continued stability is a positive short-term development.
BTC/USD, 4-Hour Chart Analysis
While BTC is still trading within its corrective short-term pattern, it managed to briefly top the key long-germ $10,000 level and it remains in a safe distance of the primary $9,200 support. The long-term setup is clearly bullish, and the correction is in line with the long-term trend shift, so long-term investors could continue to add to their positions.
BTC is on a short-term sell signal while still being on a long-term buy signal in our trend model, with support zones now found near $9,200, $8,600, and $8,400, and with resistance ahead near $10,000, $11,300, and $13,000.
ETH/USD, 4-Hour Chart Analysis
ETH already touched the $175 resistance level today in early trading and it managed to remain well clear of its correction low. The coin is still shy of its recent high though, and it’s too early to conclude that the correction is over. That said, the low level of volatility and the less extreme bullish sentiment readings could point to another leg higher in the freshly formed long-term uptrend as soon as in the coming days.
Our trend model is still on a short-term sell signal while being on a long-term buy signal, with major support zones found near $260, $230, $200, and between $180 and $185, and with resistance zones ahead near $275, $290, and $300.
XRP Fights For $0.28 As LTC Gathers Strength
XRP/USD, 4-Hour Chart Analysis
While XRP also gained ground over the past 24 hours, it remains very weak from a short-term technical perspective. The coin successfully defended the $0.26 level and now, it’s trying to remain above $0.28, lifted by the bullish segment-wide developments. Traders should still not enter new positions here, even as a rally among the major could propel XRP higher too in the coming weeks.
Our trend model is on a short-term sell signal while still being on a long-term buy signal with support zones found near $0.26, $0.2475, and $0.23, and with resistance zones ahead near $0.28, $0.30 $0.32, $0.33, and $0.3550.
LTC/USD, 4-Hour Chart Analysis
LTC recaptured the $75 level after clearing $72.50managed to gather some relative strength in the past 24 hours, and it drifted up to the $75 support/resistance level after recapturing $72.50 yesterday. The coin is eyeing a move above $80, which would trigger a renewed buy signal and while the other majors are not confirming the end of the correction, LTC’s strength is very positive from a broader perspective.
LTC is on a short-term sell signal while still being on a long-term buy signal in our trend model, with support zones now found $72.50, $64, $56, and $51, and with resistance zones ahead near $75, $85, and $90.
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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.