The major currencies are dropping today, as Bitcoin continues to depreciate, and Altcoin's most important leader, Ethereum, is in a short-term correction after a sharp rally last week.
While the uptrend has not changed much in most cases, despite the pullbacks, only a few short positions have been signaled as the momentum of the market has slowed down. With short-term mixed signals, the outlook for the next few days is neutral and the major currencies are likely to break down significantly.
The strongest currency was pulled back after failing to break through the $ 10,000 level and now testing the $ 9,000- $ 9200 support level again. As the short-term uptrend line broke down, the trading range could develop with strong support at $ 8,700, or even below $ 8,400. As the long-term picture is not overbought, we expect the uptrend will continue in the coming weeks, with targets at $ 10,500 and $ 11,300.
Ethereum entered a short-term correction after being overbought during last week's rally, and the currency hiked back to a previous high of nearly $ 700 before settling at $ 735. The short-term momentum indicators are overbought and now are broken, it is likely to rise further even if the long-term momentum slows. The main resistance level is $ 780, followed by $ 845, $ 900 and $ 1,000.
IOTA moves forward after a downward correction
Although most of the altcoins are following the trend of BTC and ETH falling, top currencies such as IOTA and EOS are showing stability after the corresponding downturns. IOTA managed to break out of today's resistance at $ 2.2 and hit $ 2.5. While the currency failed to break above its near-term resistance of $ 2.6, it remains relatively strong and a short-term buy signal even if long-term view remains overbought.
Litecoin remains the only major currency in the top spot with short-term buy signal, although the pullback, as the short-term uptrend is still intact. Although the currency failed to break through the major resistance at $ 170- $ 180. The rest of the market is drifting lower without any strong momentum, but important resistance levels are still in hold, and the odds continue to support the rebound.
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