The segment continues to be neutral from a short-term perspective as following a failed bearish move yesterday in late , the major coins couldn’t gather bullish momentum either. The top coins are between the short-term support/resistance levels that have been in focus for almost two weeks now, and the fate of the counter-trend rally that started in February is still undecided.
Since yesterday’ spike lower, volumes have been low, with being the most active of the majors yet again. With , , and being virtually unchanged for days, traders should remain patient, since despite the encouraging failed breakdown earlier this week, are still likely to dominate in the coming weeks.
That said, the counter-trend move might still resume, but until we see signs of broad technical strength, traders and investors should still not open new positions here, and our trend model also remains on sell signals on both time-frames with regards to the majority of the coins.
/USD, 4-Hour Chart Analysis
After outperforming the broader market yesterday before the late-day spike lower, today, attempted a rally towards the key long-term $4000-$4050 zone. The move failed to gather momentum, for now, but the relative strength of the most valuable coin is still keeping the hope alive for bulls that the counter-trend move might resume.
The bearish long-term trend is still clearly intact, and barring a move above $4000 our trend model will remain on sell singles on both time-frames, even as the coin is safely above the primary support zone found near $3600. Further support is found near $3450, $3250, and $3000, while the next major resistance zone is found near $4450.
LTC/USD, 4-Hour Chart Analysis
hit yet another marginal new swing high today, but it failed to sustainably leave the vicinity of the $56 support/resistance level, and the momentum of the rally is weak. The coin remains on a short-term buy signal in our trend model, while being on a clear long-term sell signal, and traders could still hold on to their short-term positions here.
That said, the segment-wide trends make a durable rally unlikely, and odds continue to favor the resumption of the bear market. The next target zone is ahead near $64 while support is still found near $51, $48, $44, and $38.50.
Altcoins Little Changed Despite Volatile Swings
ETH/USD, 4-Hour Chart
While ETH tested the $130 level during yesterday’s brief selloff, the coin recovered together with the broader market. While the quick recovery is s positive short-term sign, is still relatively weak on both time-frames, and without a move above $145, our trend model will remain on sell signals as well.
Above $145 ETH also faces very strong resistance near $160 while support zones below $130 are found near $112, between $95 and $100, and at the prior near market low near $80, and traders and investors should still stay away from the coin.
XRP/USDT, 4-Hour Chart Analysis
continues to be stuck in a narrow short-term range and a narrowing long-term consolidation pattern that will likely break in the coming week. We still expect a negative outcome in the market of the relatively weak coin, with a move below $0.30, towards the $0.28 and $0.26 support levels. Key resistance zones ahead near $0.32, $0.3550, and $0.3750, and traders should still no enter even short-term positions here.
/USD, 4-Hour Chart Analysis
While remains above the key $3.50 level, it failed to sustainably recapture the $3.80 resistance. The coin also failed to join LTC’s rally to new swing highs, despite being one of the strongest coins during the recent counter-trend move, and that casts a shadow on the whole segment, as the leadership is the move is clearly weakening.
is also below the previously dominant rising trendline, with strong resistance ahead near $4.50, and support zones found near $3, $2.80, and between $2.5 and $2.55. Traders still shouldn’t enter new positions here, with our trend model being on sell signals on both time-frames.
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Published at Sun, 10 Mar 2019 00:03:56 +0000
