It’s been a strange and slightly bearish day for the crypto-market following the sudden spike lower in altcoins yesterday, as Bitcoin failed to follow through on its strength, but altcoins also acted weak, especially Ethereum. Ripple also pulled back heavily after its strong move while Litecoin remained strong, trading just below its recent highs. The global risk-off sentiment weighs on the segment today, and there are very important support zones just below the coins, and a break below those could warn of further correction with the long-term picture still being overbought.
BTC/USD, 4-Hour Chart Analysis
Bitcoin pulled back after the spike above the $2750 yesterday, and it traded in a relatively narrow range, failing to confirm the sudden relative strength of the most valuable coin. The short-term uptrend is still intact, but the currency needs to recover above the crucial $2750 resistance in order to remain bullish, and the long-term picture makes the current move suspicious. A break below $2600 would warn of a test of the $2350 support.
ETH/USD, 4-Hour Chart Analysis
Ethereum is still in a bullish long-term trend despite today’s weakness, while the short-term picture remains neutral. The support zone near $300 is still the main level to watch during the consolidation, as a break below that could set up another test of the $270 level. Short-term traders are still advised to wait with new positions, while long-term could add to their positions on the dips.
ETH/BTC, 4-Hour Chart Analysis
LTC/USD, 4-Hour Chart Analysis
Litecoin recovered strongly from the spike lower yesterday, and it remains inside the bullish consolidation pattern that developed since the weekend rally. The coin is hovering around $45, while the $0 level acted as support during the spikes lower in recent days. The MACD indicator is still in correction mode, suggesting more sideways action before another move higher, with a possible test of the $38 level while the long-term trend is still clearly positive.
XRP/USD, 4-Hour Chart Analysis
Ripple fell back below the $0.30 level in the Dollar pair and below 0.000115 compared to the BTC as the upside momentum stalled yesterday afternoon. The short-term uptrends are intact in both pairs for now, with the technical setup still being unchanged, but quick move back above the key resistance levels would be required to keep the coin on a short-term buy signal.
XRP/BTC, 4-Hour Chart Analysis
ETC/USD, 4-Hour Chart Analysis
ETC continued to drift lower throughout the session today, after holding up well during yesterday’s dip lower. The drop below the $20 support warns of a move to the $18 level, with a possible move to te previous consolidation zone, which would provide another long-term buying opportunity.
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