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The main cryptocurrencies collapsed after the retreat that occurred yesterday in Litecoin. Since the coins follow trend lines and key support levels, the probabilities are favorable to the continuation of the uptrend in the short term. The leaders of the rally remained strong despite the superficial correction and, although the long-term configuration remains clearly bearish, traders could enter more modest speculative positions, while applying strict risk management rules.
While the most important values have confirmed the low levels in the short term, the next few days could reach new heights, with all eyes on the $ 4,000 to $ 4,050 Bitcoin area and the price level of 160 $ To Ethereum. Major record companies have yet to form a trend of ups and downs on long-term charts to change long-term prospects, so our trend pattern remains based on sales signals over this period. That said, short-term overbought readings are rapidly disappearing, so short-term prospects remain positive.
4-Hour BTC / USD Chart Analysis
Bitcoin formed an uptrend over the last day and the $ 3,850 level clearly supported the coin, leaving the relatively weak uptrend in the short term intact. The MACD indicator still indicates a correction in progress, but our trend model has remained on a short-term buying signal and the uptrend may resume soon.
Despite immediate positive prospects, the $ 4,000 to $ 4,050 resistance zone remains very strong, and further consolidation is also possible before a successful breakthrough. A move over this area could pave the way for the $ 4450 level, but even that would not change the long-term bearish pattern of the most valuable parts market.
4-Hour XRP / USDT Chart Analysis
Ripple has traded near the US $ 0.32 support level over the last 24 hours, remaining relatively weak compared to its major competitors. The coin remains stuck below the downwardly dominant downtrend line that it had tested during the recent stimulus and our trend model continues to receive a short-term sell signal.
Below the main support zone, additional levels are around $ 0.30, $ 0.28 and $ 0.26, while short-term goals for a potential outbreak are still close to $ 0.3550. and $ 0.3750, but traders should stay away from the PRX.
Litecoin, Ethereum and EOS Announce Ready
4-Hour LTC / USD Chart Analysis
While the Litecoin entered a correction after touching the resistance level at $ 51 yesterday, the downturn has been contained until now and even the steep line of the short-term uptrend has remained intact. Given the magnitude of the recent upward movement, even a $ 44 level test would leave the break intact.
A move over the main resistance zone could lead to a rebound to the USD 56 level. Since Litecoin has been at the top of the market since the beginning of the current counter-trend, its performance needs to be closely monitored. Below $ 44, an additional solid support is around $ 38 and $ 34.50. Our trend model is back on a short-term buying signal while being bearish in the long run.
4-hour ETH / USD chart badysis
Ethereum is still evolving in a near-term bullish correction pattern near US $ 145, advancing through over-bought over-purchased momentum readings. The short-term uptrend is clearly intact and, although a bigger pullback is still possible, traders could already enter here into new positions.
In the spirit of the long-term downtrend, strict risk management rules are still indispensable, even though Ethereum is one of the most powerful among the majors from a short-term technical point of view. Support levels below US $ 145 are still around US $ 130 and US $ 112, while above US $ 160, the next big resistance zone is ahead of US $ 180.
4-hour EOS / USD graphical badysis
EOS remains the main short-term technical player and, although it continues to be overbought by key momentum indicators, aggressive traders could, however, take a stand here. The buying pressure is obvious, but a deeper dip towards the $ 3.50 level is still in the cards. Support is also found around $ 3.80 and $ 3, while resistance is ahead at around $ 4 and $ 4.50.
Selected image of Shutterstock
Disclaimer: The badyst owns cryptocurrency. He holds investment positions in coins, but does not trade in the short term or the day, nor does he hold short positions on any of the coins.
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