Our 4 major cryptocurrencies we are monitoring continue to trade under heavy selling pressure. In some cases the price bounce we saw last week was followed by new lows….in all 4 cases prices bounced towards resistance levels and got rejected. No major trend line resistance was broken so no reversal confirmation yet.
Has reached our December target. Trend remains bearish. No sign of reversal. Resistance that bulls must break is at 10200$. Price has reached the 61.8% Fibonacci retracement of the entire rise in price of Bitcoin. I believe, if this coin has the future many people believe it has, it must reverse to the upside very soon and start its next leg higher.
Has revered right where we wanted and is approaching our target. Trend clearly bearish. Nothing new to add. Resistance that bulls must break is at 1000$.
The worst coin of the 4 according to my technical view. Has broken twice below the 78.6% Fibonacci retracement of the entire rise. Has made very shallow bounces so far…It would not surprise me to see it back to October-November price levels.
Nothing bullish here either. Price remains inside a bearish channel, bounced towards resistance and got rejected. A break below 97-95$ could bring it even lower towards 50$. It is clear that bulls need to break 175$ for the trend to reverse to the upside.
Be careful when trading these beasts….have a great week everyone