RATE Group | Bitcoin Bulls Maintain Their Grip as Market Holds Near Monthly Highs
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Bitcoin Bulls Maintain Their Grip as Market Holds Near Monthly Highs

05 Sep Bitcoin Bulls Maintain Their Grip as Market Holds Near Monthly Highs

Posted at 23:50h in Bitcoin News by

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While the cryptocurrency segment experienced encouraging short-term moves, the broader picture remained negative and today, the major coins dropped significantly, out-of-the-blue in early trading. On average the top coins are down almost 10% from their intraday highs, and with BTC also shedding around 5%, the total value of the market declined by more than $15 billion compared to yesterday’s levels, dropping below $220 billion.

Technically speaking, the short-term picture remains mixed after the plunge, with some of the coins still holding up in their short-term uptrends, while the previously weaker currencies got deeper in their negative patterns. Monero, IOTA,  NEO, and Litecoin are still on short-term buy signals, similarly to Bitcoin, since their respective uptrends are intact, while Dash, EOS, Ripple got downgraded following the move.

As we emphasized before, the recent rally only qualified as a counter-trend move, and traders should still remain cautious…

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