Crypto Market Update: Decent recovery seen across the board, after penetrating oversold territory
|- Key areas across the board are heavily defended, as crypto market sees a recovery off the session lows.
- Monthly chart views still look favorable for the bears, there could be some further downside still yet to come, before stable footing is found.
A decent pop to the upside was observed across the board with Bitcoin and a number of the major altcoins. The drop to the downside appeared to be heavily oversold, seeing the likes of Bitcoin initially nursing losses of double digits early in the session.
As anticipated the $4500 price region was generally protected from further downside, as demand came into play. Elsewhere, XRP/USD saw $0.4100 strongly protected, a known area of demand. A breach here could have exposed a fall to $0.30-0.25. Elsewhere, ETH/USD bouncing at the lowest levels seen since July 2017.
It remains very unclear as to whether the bottom has been seen as of yet. However, looking at some monthly views with several of the large cryptos, it still looks favorable to the bears in this longer run. RSI’s are not quite oversold over these longer time frames.
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