A bearish technical analysis for Bitcoin, Ethereum, XRP and Litecoin; but what if bullish?

The following technical analysis will evaluate whether Bitcoin, Ethereum, XRP, and Litecoin are bound for a further retracement.

As a matter of fact, a death cross between the 7-week moving average and the 30-week moving average developed on BTC's 1-week chart.

A move below $6,900 will invalidate the bullish outlook and BTC will possibly drop to around $6,300.

The 7-week moving average is currently crossing below the 50-week moving average, which is a very bearish sign.

Moving below this level of support could take ETH to test the 16.18 percent Fibonacci retracement level that sits at $132. Nonetheless, all of these bearish signs could be invalidated by a spike in buy orders that take Ethereum to trade above $180 or $192 where the 38.2 percent Fibonacci retracement level sits.

Conversely, a spike in the selling pressure behind XRP could push it below the $0.24 support level.

It is worth noting that the moving average convergence divergence, which is commonly used to follow the path of a trend and calculate its momentum, appears to be turning bullish on XRP's 1-week chart.

As the 12-week exponential moving average starts to cross over the 26-week exponential moving average, the probability for an upswing increases.

The scenario presented by the bear flag could be confirmed if LTC closes below $49. This would signal a move down to the next level of support around $44 before it can get to $38. But, if Litecoin is able to trade above $58.60, the bear flag will be invalidated and it will likely surge to the next level of resistance around $64.Overall market sentiment.

Under the current conditions, it will be wiser to wait for any of the cryptocurrencies previously analyzed to move above their resistance points before entering a bullish trade.