Bitcoin

(Bitstamp:BTCUSD 1h)

Bitcoin is still holding below $8684 after its test of the $8239 support yesterday. This test was followed by a sharp bounce due to the bullish divergence of the drop, however, the bounce retraced very quickly and volume has been declining since.

This could be interpreted as a bearish consolidation of a larger bearish movement, supported by the high time frame bearish divergence from the 25th Apr to the 5th May. The ascending channel I've marked shows the level at which this theory is invalidated.

On the other hand, the bullish argument would be the fact we've held a strong support level. I would still require a retest of $8239 as confirmation, but its an alternative view to keep in mind.

Ethereum

(Bittrex:ETHBTC 1h)

Ethereum managed to bounce back above its support line and is now making a retest towards the 0.08460 resistance. Volume is a bit low for my liking, considering the speed of the climb. I recommend wait for a secondary consolidation around highs before buying into this move, otherwise it carries quite a lot of downside risk.

If we do manage to break to new highs without a pick up in volume, there is a high chance of bearish divergence and overall weakness to the trend. It may even provide a good opportunity for a short.

Bitcoin Cash

(Bittrex:BCCBTC 2h)

Bitcoin Cash has been all over the place over the last few days, making it a bit more difficult to analyse. The top chart is the first interpretation, where we've formed a loose ascending channel - a bearish continuation pattern. The drop off in volume after the bounce support this theory.

(Bittrex:BCCBTC 1h)

The second interpretation has the double test of the 0.1545 support as a double bottom, which then pushed up into a weird pennant/ general bullish consolidation.

I recommend holding off from any position here, at least until the market has given a clearer signal.

Litecoin

(Bittrex:LTCBTC 2h)

Litecoin bounced just above the 0.01590 support yesterday, before making a test of the 78.6% retracement of the previous bullish leg. Volume is still very low, especially so for a bounce, so we're receiving mixed signals. While this could be a confirmation of the bottom for LTCBTC, it could easily turn into a bearish continuation pattern and a push to new lows.

Its best to wait for a sustained break above the 0.01714 resistance before considering any bullish positions.

Monero

(Poloniex:XMRBTC 4h)

Monero is still holding near lows, with a similar situation to LTCBTC. In this case, a break above 0.02590 is the minimum I'd be looking for to confirm a bullish sentiment.

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.