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This past weekend was particularly volatile for the crypto markets, which surged on Saturday before fully retracing on Sunday. The resulting losses have carried over into Monday, with most major altcoins trading flat or down slightly today.
Most altcoins are closely tracking Bitcoin’s price action, and one prominent analyst thinks that most major cryptocurrencies are looking slightly bullish on lower time frames.
Crypto Markets Could Be Bullish in the Short-Term
At the time of writing, Bitcoin is trading down marginally at its current price of $3,580, which is just slightly above its weekly lows of $3,570.
On Saturday, the crypto markets surged as Bitcoin jumped to $3,750. Unfortunately, this surge was short-lived and fully retraced on Sunday when the markets sharply dropped to lows of $3,550.
Since then, the markets have been trading sideways, and most major altcoins are currently trading down. Despite this, one analyst thinks that most major cryptocurrencies are bullish in the short-term, which could mean that they will soon see a small relief rally.
In a recent tweet, Mayne – a popular cryptocurrency trade – noted that he is not shorting Bitcoin, Ethereum, or XRP at their current prices, and is going to wait until they reach their relative points of resistance before opening new short positions.
“$BTC $ETH $XRP Back to the charts… I am not shorting any of these pairs here, stop runs until proven otherwise. HTF is bearish and I will short a break down of the key support levels they are all sitting on. Until then, looking slightly bullish on the LTFs,” he explained.
Mayne later said that he is waiting for Bitcoin to reach the low-to-mid $3,600 region before he opens new short positions.
“$BTC Going to look for a short up at the grey block if we get there. Reaction after this weekend’s dump looks bullish on the LTF so no reason to short down here. Expecting a bit of bullish relief intra-week,” he said.
A similar sentiment was echoed by Hsaka, another popular cryptocurrency trader, who recently tweeted that he is neutral on Bitcoin’s price action following the recent drop, and that he is currently holding open positions in multiple altcoins including Cardano (ADA) and Bitcoin Cash (BCH).
“$BTC 1D (01/20/19) Yesterday’s sell the rally analysis played out like a beauty • Bounced before the 3430 support level • Took out lows (green dashed) of this consolidation Neutral here, not shorting into HTF support. Covered my BTC short, holding ADA and BCH.”
Altcoins Drop Slightly After Weekend Volatility
Most major altcoins have dropped slightly today and are closely tracking Bitcoin’s price action.
At the time of writing, Ethereum is trading down 1.6% at its current price of $117.5. This past Saturday, Ethereum surged to highs of over $125 before plunging to lows of $116. Ethereum is currently trading just slightly above its weekly lows.
XRP is currently trading down 0.3% at $0.319. XRP is down from its weekly high of $0.334, which was set this past Saturday, and is up slightly from its weekly low of $0.317, which appears to be a level of relative support for the cryptocurrency.
Featured image from Shutterstock.
