BTC led the decline at the end of last week, and the rebound also started when Bitcoin bounced off the $1875 support. Since then, the correlation between the coins broke down significantly and BTC has been drifting higher, hitting $2300 before today’s US session. While the rally was strong, caution is still the name of the game here, as the short-term technical picture still is still neutral at best. Another re-test of the $2000 level remains the most likely scenario, with the trend line of the recent rally being in danger.
ETH emerged as the leader of the rebound, jumping above the $200 level and to a new high against BTC, almost doubling in value from the Saturday bottom. Ethereum’s market capitalization reached 50% of Bitcoin’s value, as it remains the cryptocurrency with the quickest expansion rate in Dollar terms.
Ripple has been lagging the other majors throughout the rebound, and it fell almost 10% against BTC today, XRP is below the short-term resistance level at $0.2275 and it might be ready to test the long-term trendline near 0.17. A rally above 0.25 would open up the road for a new advance.
Litecoin’s technical position was the least affected by the deep correction, as it remained in the broad consolidation that it has been trading since topping out 3 weeks ago except a short spike lower. The forming base between $20 and $23 is serving as primary support, with strong resistance at $26.50. The primary support might be in focus in the coming days, while a rally above $27 would be strongly bullish development.