Some Alts See Massive Relief Rallies Back From Oversold Conditions

Bitcoin managed to rally back to $4.3k from a low of $3.5k, and many alts have rallied back from their respective lows with even more conviction.

This has produced 15% – 20% rallies across the board and even some massive rallies like a 50% rally in Verge.

There is a long way to go to make up for 2018’s losses, but events like this remind us that although crypto can be “down,” it has yet to be “out” in its history.

Interestingly, there is a correlation today with US equities which also rallied from lows.

Both BTC and US equities are up against some really strong resistance… so probably not time to break out the bubbly on those long trades, but it is a nice bit of relief at least.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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