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The cryptocurrency segment is experiencing an explosive oversold rally today, with Ethereum recording the largest gains as expected after pioneering the downtrend during the recent steep selloff. The second largest currency returned to $ 200 in price after plunging below its key long-term $ 180 support during the last lowest stage.
ETH / USD, 4-hour chart analysis
Aggressive traders could enter short-term positions here in both the most unsold and relatively strong currencies, but the broader downtrends remain intact in the majors. Ethereum could be ready for a stronger short-term rally, up to $ 235 or even $ 260, even though a more prolonged background process is likely after the sharp decline in recent months. The total market value has recovered to $ 200 billion thanks to the double-digit move, and given the deeply bearish sentiment, a more durable fund could finally be in
BTC / USD, 4-hour chart analysis
Bitcoin is testing the $ 6500 level, following the largest, highest market, and although the percentage is relatively small, rallying is a positive sign for bulls after the extended period of relative strength.
BTC is still not able to get a buy signal from a long-term perspective, but traders could play the rebound that could reach $ 7,000 in the coming days. Support levels are found at $ 6275, $ 6000 and $ 5850, while additional resistances are ahead between $ 7200 and $ 7300.
Short-term mixed images for Altcoins between Bounce
While several coins have been updated In our trend model thanks to today's move and the momentum of the rally, EOS, IOTA, NEO and ETC are still on sale signals also from a short-term perspective. Also the correlations remain high, but on a positive note, there are signs that a bullish leadership could develop, with Monero maintaining its relative strength along with Bitcoin.
XMR / USDT, 4-hour chart analysis
The XMR remained one of the strongest tokens and yesterday managed to climb above the $ 100, pushing above the resistance level of $ 108 today in the initial negotiations, triggering a short-term buy signal. While a broader change in trend is not confirmed, today's move has also triggered a neutral upgrade in our long-term trend model after over 3 months. Resistance is now ahead of $ 120 and $ 125 and beyond that close to the $ 150 level.
XRP / USDT, 4-hour chart analysis
Ripple is still among the weakest currencies from a longer-term perspective, but the fact that it managed to stay above the August low is an advantage, and a longer lasting fund could be in. A rally above $ 0.30 would be a big sign for the bulls, but for now, the currency is only short-term neutral in our trend model. Further resistances are ahead at $ 0.313 and $ 0.32, while strong support stands at $ 0.26 and $ 0.23
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Disclaimer: The analyst possesses cryptocurrency. It holds investment positions in currencies, but does not carry out short-term or day-trading transactions, nor holds short positions on any of the currencies.
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