Cryptocurrency market update: Strong recovery across the board
- BTC/USD up 9.5% in the session on Wednesday, eyes on $4500-600 barrier.
- LTC/USD up over 10%, bulls looking for a return to $40 territory.
- XRP/USD up a decent 8%, as it try to move comfortably back within $0.4000.
A strong green board seen with across the market on Wednesday, as a decent rebound had been staged late on Tuesday. Prices with several of the cryptocurrencies, were producing a bottom area over the past three days.
Many market speculators were desperately trying to call a bottom, but the fact is some of the cryptocurrencies fell from and to levels that had not been seen before. The heights in which the market has been falling from is unchartered territory. There are not enough historical levels to work with, so bring frank it is everyone’s best guest until enough historical/technical levels are seen.
Key areas being tested; XRP is penetrating the $0.4000 level, BTC is looking to move back into then above $4500 territory, ETH next challenge seen at $130 area, LTC bulls will be eying a return within the $40 price range.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
