Markets Update: Ethereum Leads Strong Altcoin Rally

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Since yesterday's update, the cryptocurrency markets have produced a strong bounce over the last 24 hours. Of the top ten cryptocurrencies by market cap, Ethereum, and Monero were the day's top gainers – both of which have posted gains of over 15% in the last 24 hours.

BTC Tests $6,500
In the last 24 hours, BTC has gained by roughly 3% – with current prices testing resistance at the $6,500 USD area as of this writing.

Looking at the daily chart, the stochastic RSI appears poised to break above the 20 threshold – signaling that more bullish action may ensue should BTC be able to produce and hold a strong break above the $6,500 area.

Bitcoin Cash Gains 7% in 24 Hours
BCH produced gains of approximately 7% in the last 24 hours, bouncing off a new low for 2018 of $410 yesterday to now be trading for roughly $455.

The bullish move for BCH coincided with a roughly 5% gain over BTC – with BCH currently trading for around 0.07 BTC after bouncing off 0.066 BTC yesterday.

Ethereum Shorts and Longs Continue to Test Record Highs
Of the top ten cryptocurrencies by market capitalization, Ethereum has produced the strongest gains during the last 24 hours of price action. As of this writing, ETH is trading for $205 – up more than 18% from yesterday's lows of roughly $170.

The number of open ETH/USD short positions is currently testing the all-time high area of 240,000 for the second time since the record was established just three days ago.

The number of ETH/USD longs appears to be retracing to test the area of September 5th's prior all-time high of roughly 330,000, after yesterday establishing a new record of approximately 360,000.