The major cryptocurrencies are all trading higher today, with BTC leading the way higher amid the renewed selloff in global risk assets. While the technical setups are mostly unchanged in the segment despite today’s rally, the most valuable coin triggered a renewed short-term buy signal while hitting a new more than one-week high in the process.
Our trend model is still on sell signals on the short-term time-frame with regards to the majority of the coin, but the freshly formed long-term uptrends are also intact. Due to the relative weakness of the top altcoins, traders should still use strict risk management rules here, as the correction might still resume unless strong leadership forms in the coming days.
BTC/USD, 4-Hour Chart Analysis
BTC built up relative strength over the past 24 hours, and it managed to recapture the $9,000 price level and break out above its prior bounce-high. While the weakness among altcoins ins a warning sign for bulls, BTC’s rally attempt is encouraging, and the recent swing lows provide a favorable stop-loss opportunity to enter the market here, even as the $9,200 resistance is still towering ahead of BTC.
BTC is now on buy signals on both time-frames in our trend model, with support zones now found near $8,600, $8,400, and $8,200, and with resistance ahead near $9,200, $10,000, $11,300, and $13,000.
ETH/USD, 4-Hour Chart Analysis
Not much has changed in ETH’s market in the past 24 hours, and even though the coin managed to marginally top the key long-term $230 level, it remains stuck in its bearish consolidation pattern. The coin has been lagging BTC together with the other major altcoins and that’s a negative sign for the whole segment.
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 $200 and between $180 and $185, and with resistance zones ahead near $230, $260, $275, $290, and $300.
XRP And LTC Eyeing Key Resistance Levels
XRP/USD, 4-Hour Chart Analysis
XRP is still trading below its declining long-term trendline, despite today’s rally in the segment and it’s also below its recent bounce-high and the $0.2475 resistance level. A sustained breakout could trigger an upgrade on both time-frames for the relatively weak coin, but it’s recent performance is far from being convincing from a technical perspective.
Our trend model is on sell signals on both time-frames, with support zones found near $0.23 and $0.21, and with resistance zones ahead near $0.2475, $0.26, $0.28, and $0.30.
LTC/USD, 4-Hour Chart Analysis
LTC hit a one-week low today, showing some relative strength compared to its closest peers, but it failed to trigger a renewed buy signal. The coin is still below the $64 resistance level and for now, the bearish consolidation pattern remains intact. A move above the initial resistance zone would be enough for a short-term upgrade, but we can’t rule out another leg lower in the correction ,despite LTC’s stability.
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 near $56, and $51, and with resistance zones ahead near $64, $72.50, $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.
First Published at Crypto Update: BTC Triggers Buy Signal But Altcoins Lag Behind – Hacked