Coins Pull Back Following Strongest Rally in Weeks

The cryptocurrency segment is seeing red once again today following the strongest rally attempt since the structural breakdown in Bitcoin, which led to a damaging leg lower in the ongoing bear market. The major coins are all pulled back from their recent swing highs, and most of them dipped back below last week’s initial panic lows, jeopardizing the possible failed breakdown patterns.

The coming days will be very important for the segment, because although a larger-scale bounce is still likely in the coming weeks, should the current rally in the coins fail, even the slight short-term bullish bias would disappear.

The long-term setup is still overwhelmingly bearish in the crypto market, and even in the case of a successful recovery from the current dip, traders should still only consider ultra-short-term long positions with strict risk management in the strongest coins.

BTC/USD, 4-Hour Chart Analysis

Bitcoin fell back below the key $4000-$4050 zone and should the most valuable coin stay below that, it would be downgraded in our trend model yet again. For now, BTC is just slightly below primary support, and bulls can still hope for a quick recovery that would keep the failed breakdown pattern intact.

That said, the bearish long-term trend is in no danger, and odds favor the continuation of the bear market from a broader perspective, and our trend model remains on a clear long-term sell signal. With further resistance ahead near $4450 and between $5000 and $5100, and with support found near $3600 and $3000.

ETH/USD, 4-Hour Chart Analysis

Ethereum’s technical position is virtually unchanged despite the current dip, and the coin remains on a neutral short-term signal in our trend model, with still a clear long-term sell signal being in place. ETH is clearly trading below the key $120 level, and traders and investors still shouldn’t enter positions here, given the coins relative weakness. Primary support is still found in the $95-$100 zone, with further resistance ahead near $130, $150, and $160.

Litecoin Remains on Buy Signal amid Broad Altcoin Weakness

XRP/USDT, 4-Hour Chart Analysis

While Ripple is holding on to its neutral short-term signal in our trend model, the coin failed to show the strength that it had in the early stages of the current leg of the bear market. With that in mind, traders and investors should still not enter new positions here, until a confirmed short-term trend change.

Ripple is now trading between the $0.355 and $0.375 support/resistance levels, while still being stuck below the key long-term $0.42-$0.46 zone, with further support levels found at $0.32 and $0.30.

Litecoin/USD, 4-Hour Chart Analysis

Litecoin continues to perform relatively well despite today’s pullback, and it remains above last week’s panic low, still being on a short-term buy signal in our trend model. That said, the coin is in clear long-term downtrend, and traders should only consider ultra-short-term positions. Primary resistance is ahead near $34.50, with another strong level found at $38, while support below $30 is near the $26 level.

EOS/USDT, 4-Hour Chart Analysis

Most of the major altcoins are still very weak from a technical perspective, and continues to confirm the broader downtrend, with no sign of a developing bullish leadership. The likes of Dash, Monero, NEO, ETC, and IOTA still haven’t even got close to a short-term buy signal, while EOS remains the weakest of the coins in our trend model.


Source
Author:  Mate Cser
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Stellar Price: XLM Cryptocurrency Ready to Resume Rally

The Stellar price has been rising steadily over the last two days. On Friday, Sept. 21, it is trading at 0.2514, adding 8.60% to its value. This rally is based on both tech signals and the overall market trends, says Dmitriy Gurkovskiy, chief analyst at RoboForex.

On H3, Stellar is rising after the MACD convergence and the descending channel resistance breakout. The local target is at the long term channel resistance, i.e. 0.2750. The support is now the ex-resistance, which was previously broken out. The rally is also supported by the Stochastic forming the golden cross and the MACD moving into the positive territory.

On H1, the rally has stopped near the projection channel resistance, which, with the Stochastic moving into the oversold territory, may signal a pullback to the support at 0.2300.

There has not been much news for Stellar recently, but still, there’s been some. For instance, OKCoin has added 5 new instruments to its portfolio, which includes Stellar. This may boost the interest towards the crypto, as it’s now available for trading.

Previously, Stellar obtained the Shariyah Review Bureau (SRB) certificate, as the authority licensed by the Bahrain Central Bank allowed Stellar to establish presence in the country once the recommendations are fulfilled. The SRB was especially interested in the crypto itself, while the authority is absolutely fine with the blockchain itself.

Conquering the Gulf of Persia was a very daring goal, but it looks like nothing is impossible for Stellar. As the management says, the Shariah certificate will help look at the platform and its technologies at another angle. Meanwhile, what Stellar is interested in is overseas payments and asset digitization. As the Islamic financial market is huge and Bahrain is striving to become its center, it looks like Stellar is going the right way.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.


Source
Author: Timofey Zuev
Image Credit: Image from Shutterstock