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Cryptocurrency Update: Strong Bounce After the Massacre

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Cryptocurrency Update: Strong Bounce After the Massacre

Introduction

This article was posted on Sunday, 14:16, UTC.

Flash Update The major coins are sporting massive gains this morning after the crash of the previous sessions with Bitcoin trading near the $2250 level after bouncing off the $1875 support. As long as the short-term downtrend is intact, bounces should be treated with a grain of salt, while keeping an eye on the crucial support/resistance level just above 2200. NEM and ETC are up by around 50% from their minimum levels, and Ethereum also jumped by 35% today, while the other majors are trading 20-30% higher. Among the rising starts, Golem is showing the most relative strength, as it…

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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Bitcoin Bitcoin spiked down towards the first main support zone…