It’s been a tough weekend for cryptocurrency investors, with the major drifting for the last three days, and although no real damage has been done to the technical setup, all rally attempts faded away. Short-term price is still mixed, and we are facing the lack of bearish momentum and the relative strength in several coins continues to help the bullish case.
Bitcoin and Ethereum are in focus, with the most valuable coin still lagging the segment average, while ETH pulling its weight ever since the first signs of relative strength on Thursday. Bitcoin got close to testing the $9000-$9200 support zone yesterday, but another rally attempt started today in early trading as buyers stepped in yet again.
A rally above the Saturday high near $10,500 would confirm a swing low, which could lead to a quick rally to new hights after the correction. Short-term traders have a good opportunity to use yesterday’s lows as a stop-loss level, with targets ahead at $11,300, $11,750, and $13,000
Ethereum is outperforming BTC, and the coin not just held up above the Thursday lows during the weekend, but it’s also closer to the upper boundary of its declining trend, pointing to a possible break-out in the coming days. As the long-term momentum is neutral, investors could still add to their holdings, and traders could also play the break-out here. Support levels are still found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.
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