Bitcoin

(Bitstamp:BTCUSD 30m)

Bitcoin broke down from the steeper ascending channel I suggested yesterday, instead holding a shallower ascending support. We may not reach the resistance level of this channel, as the last bounce from support appears to be slowing somewhat. Instead, we may form an ascending wedge, which is another bearish continuation pattern.

(Bitstamp:BTCUSD 4h)

On the 4 hour time frame, a bearish continuation pattern is looking likely, but volume still remains a bit high. More conservative traders may wish to wait until volume has dropped back a bit further as the bounce moves higher, as this gives better confirmation of the bearish sentiment and potentially better fill prices.

Ethereum

(Bitstamp:ETHBTC 2h)

On the ratio, Ethereum has now broken the 0.07317 support, signalling a longer term drift downwards. Volume remains choppy but fairly high, suggesting this is a bearish trend rather than a bullish pullback. I'm going to reduce coverage on ETHBTC until it finds another strong support level or other notable events.

Bitcoin Cash

(Poloniex:BCHBTC 4h)

Bitcoin Cash is making another test of the 0.1241 resistance level, yet volume remains worryingly low. Unless we can make a higher volume break of the resistance that holds above support, I remain sceptical of this movement. The RSI and MACD haven't broken to new highs yet either. Unless they make new highs before the next pullback, they will show bearish divergence, suggesting weakness to the trend.

Litecoin

(Poloniex:LTCBTC 1h)

After its leg up, Litecoin appears to be in a descending channel. Volume has pulled back since the bullish leg, suggesting this is a bullish continuation pattern. Its advisable to only buy either once it has found support or, at least, near the support level of the channel to reduce risk.

Monero

(Poloniex:XMRBTC 1h)

Monero looks to have found a good support level. After the first bounce from 0.02493, the retest came on very low volume, suggesting that the market is growing weary of the bearish trend. This was followed by a fairly strong bounce from support. If we can break above 0.02610 and hold the support, we can start looking for bullish positions. If not, we will likely form a bearish consolidation, signalling another push to lows.

Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.