- Big advances across the board, as cryptocurrencies test upper resistance of recent ranges.
- Bitcoin bulls next challenge eyed from $4000-500 area, XRP, $0.4000 and Ethereum $100.
The cryptocurrency market across the board enjoyed a chunky rally to the upside. There was plenty of green seen on the charts in the session, on Monday. As the bulls returned, after the past ten sessions of range-bound trading.
Prior to this breakout to the north, it appeared the market was subject to at least one more steep fall. Should the bulls continue with this recent extreme shift in sentiment tomorrow, then there should be another decent wave of buying pressure. This coming on confirmed range breakouts.
Bitcoin bulls will be gunning for a fast return back towards $5000, but must first clear $4000-500 resistance. XRP on its way back towards $0.4000 territory, where resistance is eyed. Elsewhere, Ethereum close to a convincing move back into the big psychological $100 mark.
In terms of this turn of change of trend being observed, there hasn’t been anything fundamental to hit the newswires. Perhaps sellers have now run exhausted, after bottoming out again most recently on 7th December. Eyes on a potential Santa rally.
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