THELOGICALINDIAN - This accomplished weekend was decidedly airy for the crypto markets which surged on Saturday afore absolutely retracing on Sunday The consistent losses accept agitated over into Monday with best above altcoins trading collapsed or bottomward hardly today
Most altcoins are carefully tracking Bitcoin’s amount action, and one arresting analyst thinks that best above cryptocurrencies are attractive hardly bullish on lower time frames.
Crypto Markets Could Be Bullish in the Short-Term
At the time of writing, Bitcoin is trading bottomward hardly at its accepted amount of $3,580, which is aloof hardly aloft its account lows of $3,570.
On Saturday, the crypto markets surged as Bitcoin jumped to $3,750. Unfortunately, this billow was brief and absolutely retraced on Sunday back the markets acutely alone to lows of $3,550.
Since then, the markets accept been trading sideways, and best above altcoins are currently trading down. Despite this, one analyst thinks that best above cryptocurrencies are bullish in the short-term, which could beggarly that they will anon see a baby abatement rally.
In a contempo tweet, Mayne – a accepted cryptocurrency barter – noted that he is not shorting Bitcoin, Ethereum, or XRP at their accepted prices, and is activity to delay until they ability their about credibility of attrition afore aperture new abbreviate positions.
“$BTC $ETH $XRP Back to the charts… I am not shorting any of these pairs here, stop runs until accurate otherwise. HTF is bearish and I will abbreviate a breach bottomward of the key abutment levels they are all sitting on. Until then, attractive hardly bullish on the LTFs,” he explained.
Mayne later said that he is cat-and-mouse for Bitcoin to ability the low-to-mid $3,600 arena afore he opens new abbreviate positions.
“$BTC Going to attending for a abbreviate up at the blah block if we get there. Reaction afterwards this weekend’s dump looks bullish on the LTF so no acumen to abbreviate bottomward here. Expecting a bit of bullish abatement intra-week,” he said.
A agnate affect was echoed by Hsaka, addition accepted cryptocurrency trader, who afresh tweeted that he is aloof on Bitcoin’s amount activity afterward the contempo drop, and that he is currently captivation accessible positions in assorted altcoins including Cardano (ADA) and Bitcoin Cash (BCH).
“$BTC 1D (01/20/19) Yesterday’s advertise the assemblage assay played out like a adorableness • Bounced afore the 3430 abutment akin • Took out lows (green dashed) of this alliance Neutral here, not shorting into HTF support. Covered my BTC short, captivation ADA and BCH.”
Altcoins Drop Slightly After Weekend Volatility
Most above altcoins accept alone hardly today and are carefully tracking Bitcoin’s price action.
At the time of writing, Ethereum is trading bottomward 1.6% at its accepted amount of $117.5. This accomplished Saturday, Ethereum surged to highs of over $125 afore coast to lows of $116. Ethereum is currently trading aloof hardly aloft its account lows.
XRP is currently trading bottomward 0.3% at $0.319. XRP is bottomward from its account aerial of $0.334, which was set this accomplished Saturday, and is up hardly from its account low of $0.317, which appears to be a akin of about abutment for the cryptocurrency.
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