Bitcoin altcoin support levels

Although the extent and the actual weight of the Chinese cryptocurrency trade ban are still questionable, the major coins outright crashed this week, accelerating the projected deep correction. The segment lost 40% of its total market value before a roaring snapback rally that eased some of the pain of crypto-bulls. Bitcoin was at the forefront of the decline, although coupled with the ICO ban, the likes of Ethereum and NEO are more affected by the new legislation, and indeed ETH fell more during the correction than BTC.

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Bitcoin is now trading back near $3600 in a very volatile environment, after breaching the $3800 level in early trading. The long-term momentum readings are quickly reaching oversold levels, and although we still expect the correction to go on in time, and a re-test of the lows is possible, the price low might already be in. Long-term investors should already be adding to their positions on the short-term dips, but a spike below the prior high could reach down to the $2800 support.