The cryptocurrency markets are rallying today with ether leading the pack. But will it last? Three signs give reasons for investors to be hopeful.
Having found acceptance above the key hurdle of $6,400, bitcoin's corrective rally looks to be gathering pace.
Ethereum traders continue to load up on short positions, having pushed the cryptocurrency lower by more than 30 percent in the last seven days.
Bitcoin could be in for a decent corrective rally if prices find acceptance above the key resistance of $6,400.
Bitcoin (BTC) is being squeezed into a tight trading range with neither bulls nor bears currently having the upper hand.
Bitcoin's recovery from 25-day lows near $6,100 is likely a "dead cat bounce" rather than a bullish reversal, charts suggest.
Bitcoin's short-lived corrective rally reinforces the bearish outlook put forward by the technical charts and indicates scope for a drop to $6,000.
Bitcoin's 13 percent slide in the last 24 hours has neutralized the long-term bullish reversal suggested on the technical charts earlier this week.
Bitcoin is reporting losses a day after a bull breakout – a move that looks similar to a bull trap seen in July.
Bitcoin's weekly MACD indicator has risen above zero for the first time since January, confirming a long-term bearish-to-bullish trend change.