Crypto Update: Ripple Spikes Higher Again As Bitcoin Continues To Struggle
The major cryptocurrencies had a bullish start to the week, as, despite the gloomy weekend, the top altcoins trended higher throughout the Monday, with XRP and ETH leading the charge. XRP made the most progress from a technical perspective, but the rest of the majors failed to recapture key resistance zones, leaving the broader downtrend intact in the segment.
Today, we saw a slight pullback among the major altcoins, while BTC continues to trade rather independently from the rest of the market. The most valuable coin remains relatively weak, and while it’s holding up above its prior lows, similarly to its largest peers, it’s price action makes a bearish outcome much more likely concerning the whole segment. With that in mind, traders should still expect new lows in the coming weeks, after the current consolidation phase ends.
BTC/USD, 4-Hour Chart Analysis
BTC remained below the key $8,400 level despite the bullish start to the week, and the coin remains far below its breakdown level and the previously dominant triangle consolidation pattern. A dip below the prior swing low could lead to another volatile sell-off, and downside risks remain very high for BTC bulls.
The coin is still on sell signals on both time-frames in our trend model, with support zones found near $7,600 and $7,800, and with resistance zones now ahead near $8,200, $8,400, $9,200, and $10,000.
ETH/USD, 4-Hour Chart Analysis
ETH continues to be stuck below the upper boundary of the key $180-$185 resistance zone, despite testing $185 yesterday in late trading. The coin formed a weakly rising trend channel during the current consolidation phase, but the long-term outlook makes another leg lower likely in the coming weeks.
Our trend model is still on sell signals on both time-frames, with support zones still found near $160, and $145, and with resistance zones above $185 still ahead and near $200 and $230.
XRP Tests $0.28 As LTC Fails To Make Progress
XRP/USD, 4-Hour Chart Analysis
XRP has been among the most active coins in recent days, and the coin managed to leave behind the $0.26 price level, despite its persistent relative weakness. While the two bullish days haven’t changed the underlying trend in XRP’s market, a sustained move above $0.28 would trigger an upgrade in our trend model, even as the long-term outlook remains bearish.
The coin is on still sell signals on both time-frames in our model, with further support zones found near $0.2475, $0.23, and $0.21, and with resistance zones ahead near $0.28 and $0.30.
LTC/USD, 4-Hour Chart Analysis
LTC failed to sustain its breakout attempt above its short-term trading range, and today the coin slipped back into the pattern, leaving the bearish trends intact on all-time frames. Traders should continue to pay attention to LTC’s moves as the coin has been showing the way for the segment for months, and the consolidation could soon end.
LTC remains on sell signals on both time-frames in our trend model, with resistance zones ahead near $64 and $75, and with major support zones found near $56, $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.