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