Bitcoin (BTC) is yet to make any major recovery after Sunday’s dump, which saw it drop from $4200 to $3813. In the past 24-hours, it has been trading sideways between $3845 and $3900. This is happening below the 1-hour 200-day MA at $3998. That’s an indicator that bears are still in charge, and that a further downside break is highly probable. As such, if Bitcoin breaks below $3800, it would be a signal to go short with a possible target of $3734.1. This is a significant support level for Bitcoin (BTC) on the 3-hour 200-day MA. However, if it pushes above the 1-hour 200-day resistance, then there is a probability that it could retest its recent highs at $4200.
Sunday’s market-wide crash saw Litecoin (LTC) break key support on the 1-hour 200-day MA at $49.09. It is currently trading sideways below it, an indicator that there is no real momentum in either direction. If Litecoin (LTC) pushes below $44.62, which is now support, there is a high probability that it could drop to $42.81. This is the next key support for Litecoin on the 3-hour 200-day MA. However, if bulls take control of the market and push Litecoin (LTC) above the $49.09 resistance level, it would be a signal to go long on Litecoin (LTC) with a possible target of $53.47. That’s where it hit resistance in the last pump, and could lag there, before re-confirming direction.
Sunday’s dump saw Ethereum (ETH) drop to a low of $134.39. This drop saw it break key resistance at $148.26 on the 1-hour 200-day MA. It is currently trading sideways below this price level. In case it pushes below its 48-hour low of $134.39, it would be an indicator that Ethereum (ETH) is headed lower. This would see it possibly test $127.21. That’s a key support level for Ethereum (ETH) on the 3-hour 200-day MA. However, if buying volumes increase and Ethereum (ETH) pushes above the $148.26 level on the 200-day MA, it would be a signal that bulls could be back. In such a case, Ethereum (ETH) could test its recent highs of $169.97, within the next 24-hours.
Zcash (ZEC) price action is different from much of the market at the moment. Sunday’s dump saw it test key support on the 3-hour 200-day MA at $51.93, and it has held above it for more than 24-hours. This could be an indicator that there is isn’t enough selling volumes to drive the price below this support level. As such, there is a possibility of bulls taking control of the market at this level. If that happens, Zcash (ZEC) could possibly rise to $56.59, which is a key resistance level on the 3-hour chart. However, if bears manage to push Zcash (ZEC) below $51.93, then it could possibly drop to $48.58. That’s the next key support level for Zcash (ZEC) in the short-term.