Was the current pullback an opportunity to go long or will the relief rally reverse direction and catch many aggressive bulls off guard?
The theft of 342,000 Ether (ETH) from South Korean cryptocurrency exchange Upbit could have halted the current relief rally taking place in the crypto market. However, Lee Seok-woo, the CEO of Upbit’s operator, Dunamu said that the company will cover for the losses. This erased some of the initial concerns of the market participants and improved sentiment. When sentiment is negative, the markets fall quickly but take a lot longer to rise.
This week a bullish bit of news came from Bitcoin ATM firm Bitstop. The company intends to install Bitcoin ATMs at several Simon Malls locations in the United States. Ahead of the holiday season, Bitstop has already installed Bitcoin ATMs at five locations. Andrew Barnard, Bitstop co-founder and CEO said that the “customers can conveniently buy Bitcoin while doing their Black Friday and Christmas holiday shopping,” as it is the “perfect gift for family and friends.”
Daily cryptocurrency market performance. Source: Coin360
While the crypto markets are well below their yearly highs, the US S&P 500 is on a tear, as it has been making new all-time highs for the past few days. As market participants want to end the year on a strong note, they usually follow momentum. They tend to sell the underperformers and buy the outperforming asset classes. This might also be one of the reasons that has been dragging the crypto markets lower in the past few days.
Currently, Bitcoin and numerous altcoins are posting gains as the top digital asset strongly broke above a key resistance at $7,400. Let’s analyze the charts to see which cryptocurrencies are showing buy signals.
Bitcoin (BTC) has been facing stiff resistance at $7,337.78 for the past four days. This line had acted as a strong support previously, hence, we anticipate…