Today Market Analysis from LBank Derivatives
In the early hours of today, Bitcoin experienced a rebound from oversold conditions, pushing its price to around $28,300. This rebound brought BTC back to its prior uptrend platform.
As most cryptocurrencies are in the oversold rebound phase, it is crucial to observe whether sustained growth occurs to determine if the current downtrend is over. It is advised to maintain a light position and consider long trades.
BTC 4-hour chart: Following several days of consolidation at the bottom, Bitcoin experienced a rebound and is currently trading around $28,300. In the next couple of days, the price may retrace slightly before continuing its upward move towards the $29,000 level. It is recommended to consider long trades after the retracement.
Ethereum’s price also rebounded after retracing to around $1,800, with its current price facing resistance at the $1,900 level. The future course of action depends on whether ETH can break through this resistance after consolidation.
For now, it is advised to wait for a retracement before considering buying.
ETH 4-hour chart: Similar to BTC, Ethereum experienced a rebound after retracing to the $1,800 level. Its current price faces resistance at the $1,900 level, and it is advised to wait for a retracement before considering buying.
Litecoin’s 4-hour chart shows the price is still consolidating within a range. The previous upward move failed to break through, and the price retraced to the bottom of the range before rebounding again.
The current rebound is likely to continue, targeting the $95 level.
VGX is an older altcoin, and its price movements are often driven by news events. After each pump, the price tends to decline continuously.
The recent announcement of a failed acquisition led to a breakdown in price, and the outlook for VGX remains bearish as it continues to rebound.
The cryptocurrency market is experiencing a rebound from oversold conditions, with Bitcoin, Ethereum, and Litecoin showing signs of potential recovery. It is essential to observe the market closely to determine if this rebound is sustainable.
For now, light positions and long trades are recommended for BTC and ETH after retracements, while LTC looks to continue its rebound towards the $95 level. VGX, however, remains bearish despite the rebound.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.