The cryptocurrency market went from hell to heaven in a matter of days, as the long-term correction that started in mid-June ended with a bang last Sunday. The liquidation-fueled final leg lower in Ethereum took the majors deeply into oversold territory, and this week was all about upside momentum adn rising prices.
That said, some of the coins, like ETH itself, are still stuck in their declining patterns, but the stronger currencies are already sporting uptrends, with Bitcoin leading the way higher after the lock-in of the BIP 91 protocol. BTC rallied by more than 30% bottom-to-top, as it got back in line with our one-month long projection for the correction.
BTC/USD Daily Chart Analysis
As we stated before the prior bearish move was the direct consequence of the spring’s stellar gains, but now, as the charts turned oversold in the latter stages of the correction odds favor at least a re-test of the previous highs in the segment. The total market value of the coins is nearing $100 billion again, with Bitcoin’s share jumping back to almost 50% amid the scaling-relief rally. As correlations naturally broke up after the panic abated, the majors will likely take diverging paths in the coming period. With that in mind, and as the weekend is quiet so far, let’s see how the most traded coins look if we take a step back.
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