Stellar (XLM) Holds On to 120% Gains, Bitcoin and Altcoins Recovery Kicks Off but Its Time to Pay Attention

Bitcoin Cash (BCH), Chainlink (LINK), and Litecoin (LTC) have also gained 7.1%, 8.08%, and 8.2% respectively.

For most of the day, Bitcoin remained above $17,000 and peaked at $17,789 showing signs that BTC is gradually regaining its momentum.

Still, some traders are not ruling out the possibility of BTC plunging lower. A pseudonymous trader “Wolf” said BTC weekly chart is showing signs of overextension which could cause a retest of the $13,000 region. Another trader with the moniker “Crypto Capo” stated that he sees a scenario playing out where BTC rises to $18,000 then falls to the $13,000 region.

However some analysts think that following such a major correction, some consolidation is to be expected as price searches for stability.

One positive trend is that buyers have been aggressively defending the $16,411 support area, which is marked by whale clusters. This shows that there is sufficient buyer demand in the market to prevent a broader pullback, at least in the short term.

Tether Market Cap by CoinMarketCap

Image Credit: CoinMarketCap, Shutterstock

Leave a Reply

Your email address will not be published. Required fields are marked *