Almost all the cryptocurrencies are trading in a bear market. However, Litecoin (LTC) and Bitcoin Cash (BCH) have exhausted selling pressure according to the Fibonacci tool. The coins’ upward move has been hampered because of the lack of buyers at the upper price levels. Presently, the selling pressure of Stellar (XLM) and Monero (XMR) is continuing as the coins approach the oversold regions. Lastly, Bitcoin SV (BSV) rebounded after testing the $80 low. However, the coin may face selling pressure as it drops again.
LTC /USD Major Trend: Bearish
Litecoin (LTC) is in a bear market. Presently, the coin is facing resistance at $42. After the last bearish impulse on December 18, LTC dropped to the low of $36. The $36 low was well supported as there were buyers at the lower price level. The price made an upward movement to retest the $42 resistance level. The bulls made three unsuccessful attempts to break the resistance. However, in the last 24 hours, the coin has made an upward movement.
On the downside, if the coin falls and breaks below $39 support, LTC will depreciate to either $33 or $35. Meanwhile, the Fibonacci tool has indicated that a bull candle body tested the 0.786 retracement level. Consequent upon that the coin was presumed to reverse at the 1.272 extension level. This is equivalent to the $50 support level. Meanwhile, a break above the $42 will propel the coin to rally above $50.
BCH /USD Major Trend: Bearish
Bitcoin Cash (BCH) is trading in a bear market. Currently, BCH is struggling to break the $200 resistance. On December 16, the bears broke the $200 support and reached a low of $170. The low of $170 holds because of the presence of buyers. The bulls make an upward move to break the $200 resistance but were repelled.
A second attempt is being made at the $200, as we await the outcome. Undoubtedly, if the market continues its rise, we expect the price to rally above $225. Alternatively, if the market holds below the resistance a sideways move will ensue. Meanwhile, BCH is trading above the 40% range of the daily stochastic meaning that the coin is a bullish momentum.
BSV/USD Major Trend: Bearish
Bitcoin SV (BSV) is in a bear market but the selling pressure seems to have been exhausted. The market fell to a low of $80 and rebounded in September. This critical support had been holding in the last three months. On December 18, the coin rebounded again after testing the critical support level.
However, the bulls are facing resistance as the coin moves up. From the Fibonacci tool, a bull candlestick body tested the 0.618 retracement level. This indicates that Bitcoin SV is going to fall to a low of 1.618 extension level. This is equivalent to a $40 price level. However, from the price action, the coin fell to a low of $80 and rebounded. Meanwhile, the coin is making an upward move.
XLM /USD Major Trend: Bearish
Stellar (XLM) is in a bear market. The selling pressure pushes the coin to fall to a low of $0.060 but rebounded. The upward move was resisted at $0.090 and the coin dropped again to the low of $0.060. A second attempt at $0.090 price level was resisted as the coin fell to the current low at $0.042.
Presently, the coin fluctuates between the low of $0.042 and $0.0.48 at the bottom of the chart. From the Relative Strength Index period 14 level 33, Stellar is approaching the oversold region of the market. When the RSI is below level 30, buyers will emerge that will take control of price. At that point in time, selling will be overdone. Meanwhile, XLM is consolidating above the $0.042 support level.
XMR/USD Major Trend: Bearish
Monero (XMR) is also in a bear market. In June, the bulls were resisted at the $120 price level. The coin fell and began a series of lower highs and lower lows. In November, the coin fell to a low of $45 and rebounded. In December, the coin traded and dropped to the same low and began consolidation.
Meanwhile, the cryptocurrency is trading at level35 of the Relative Strength Index period 14. This applies that the price is approaching the oversold region of the market. Meanwhile, XMR is trading in the bearish trend zone. On the upside, if the price breaks above the EMAs or above the downtrend line, XMR will rise and reach a high of $60 and $70 price levels. Conversely, if the Bulls fail to break above the EMAs, the selling pressure will continue.
This article is Originally posted on CoinCentral.com
Author: Mustapha Azeez