Crypto update: oversold after crashes in the cryptosphere

As Bitcoin yesterday fell below $ 10,000, approaching the decisive $ 9000 level, all top-notch altoquins followed the most valuable coin in the panic sale. In most cases, our trend model has become a short-term neutral, while long-term prospects have also improved thanks to a deep and violent correction.

Bitcoin himself already trades on slightly attractive levels, as he broke our first possible target for correction, but we expect a long bottom process with a possible drop to $ 8,200 or $ 7,650.

As for the short-term oversold rally, a downward trend started from the lower boundary of the channel, and a likely outpacing consolidation period with a solid trade that may last for the weekend.
Strong resistance to overheads is estimated at $ 13,000, which is likely to come forward at the moment, while the support / resistance level is $ 11,300. It can also be the focus of the next sessions.

Altcoins

Since the correlations remained very strong, the altkoins moved along with Bitcoin with only a few signs of relative strength or weakness among the largest coins. Ripple, who suffered more failures in percentage terms, almost doubled from the main target for this step at $ 0.85, but now the coin is already on the trend reduction line, and the broad model is likely to continue.

Investors could still accumulate positions near the main support levels of $ 1.25 and $ 0.85, but traders still need to be aware of volatile fluctuations in both directions.

Since several coins are already in the last stages of their cycle, coins such as IOTA, Litecoin and Ethereum Classic, investors can search for entry points during a short sale. This suggests that late leaders such as Ethereum and NEO may undergo a longer correction, and short-term traders should still be cautious about wild fluctuations in the segment, especially when entering loan positions.