Bitcoin’s Price Bounces Back After Sudden Sell-Off

https://lh3.googleusercontent.com/91oRqHerSZrwA3IpUnbnWJ2Tb2IoRI8qqh2CH306El5X0WIbTZ1jzG_XuDD4LbPcnns88LAn98mG39ZLNdZ3FGh_QXSPKkr2S78RTFCjBuHfOrxBb62nRGbF-NqaO13GAxyTSUIAlmost the entire top 10 plunged to fresh multi-month trading lows before partially bouncing back. Litecoin notably recovered almost all losses, after falling to its lowest level since February 11th, around the $36.00 level.

nother oneBTC/USD briefly fell under the November monthly trading low, hitting $6,400 on certain exchanges before correcting. Bitcoin is currently trading around $6,800.

The total cryptocurrency market capitalization recovered from $166 billion this morning, and is currently $178 billion as measured by TradingView. The market is attempting to stage a recovery during Wednesday’s U.S. session, following another heavy crypto sell-off earlier this morning.Bitcoin
Technical weakness below the $6,550 level prompted a minor technical sell-off in BTC/USD earlier, although a recovery has since taken place.

BTC/USD does appear overextended from a technical perspective and could start to stage a stronger recovery than we are currently seeing. The RSI on the daily time frame is in oversold territory.

While the broader trend is still heavily bearish, repeated failure to break under the $6,550 level could lead to a strong recovery.

Former support now becomes resistance, with the $7,070 and $7,380 levels acting as possible recovery areas above the $6,850 level
Traders that are bullish on LTC/USD over the long-term may have entered from the $36.00 level. With this in mind, a counter rally is possible as long as the support holds. A rebound back towards trendline resistance, around the $50.00 level, is certainly possible.https://lh4.googleusercontent.com/jg5VVh9kAdEkY9rtlCZnvYyvgOjhs_ib_J-chiWeT2NMBDOWRJKempGl5Oqjs3fvBwANDOXBwkYWGqxURGY4Ddvl9UByqE3IZFy52hEwanisfvgIyAtg6Vjbpeh1Z-61c6PQ3Qs
source:https://cryptobriefing.com/bitcoin-price-bounces-back-sell-off/