Over the course of the past 48 hours, Bitcoin and many alt coins have managed to grind up from the lows and find support at current price points.  Since the large rally up yesterday, many alt coins have since joined Bitcoin in consolidating just under the 200 day hourly moving average.  With recent reports of institutions buying at these levels and a reduction in FUD, it seems the major sell off has since, for the time being, stopped.  With the current set ups on many different coins, the cryptocurrency market looks poised for a move upward in the coming days and weeks.

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Ethereum & Alts Show Promise

Ethereum has already shown some decent strength, rising well above the lows to a current price of around $2600 USD.  Ethereum is actually currently testing a key level on the hourly as seen in the graphic below:

If Ethereum can break through resistance at this level, this will add to the bullish development and could act as new support for a larger move back up.  The overall set up for Ethereum now does look enticing.  With levels of support established at $2379 USD, there is a comfortable channel to reside in should Ethereum not break through this resistance level of $2650 USD.

Overall, the set up seen on Ethereum shows the potential for the coin to ride this upward momentum possibly towards the $3200 USD level by the end of the month (May).  This level would have it testing the 2 hour daily moving average trend line, the next resistance after the level it is currently at, hence the reason a breakout here is definitely a buying opportunity.  It does appear given enough time for investors to calm down and find new entry points, another run at the all time highs seems likely before the end of this bull run.

I have personally been adding to my holdings in certain coins where I see value or would like to dollar cost average down.  In the past few days, I have added to my holdings in Chainlink, Algorand, and Amplforth.  There is a potential for Bitcoin to make a run up on rising dominance over the market cap, which could leave alt coins to either decline or remain stagnant for the time being.  To help offset this possibility, I also picked up some Bitcoin.

Here on Algorand, I added to my current holdings just above the now support level seen above around $0.95 USD per ALGO.  I was able to double up my bag and bring my average cost under the coveted $1 USD mark on this correction.  With the current set up, if momentum is able to continue and the price channel holds, Algorand could see a healthy recovery by the end of the month into June.

From my perspective, I believe there is plenty of short term upside being shown in the market currently to make these moves.  That said, if you are lacking leverage, I believe this move up may be the best opportunity to take profit and move holdings either into cash or stablecoins.  More tests of the lows are likely after a move up, keep that mind.

Closing

The market is currently showing all signs that the bleeding has stopped.  With the possibility of Bitcoin dominance continuing to rise, I do believe it could be beneficial to have exposure to Bitcoin should it rise and leave other alt coins to stay in consolidation.  That said, I see obvious upside right now in alt coins like Ethereum, Chainlink, Cardano, Algorand, and others.  Should you have the ability, now could be a good time to find an entry point for a short term gain up.  If not, hopefully this presents you with some hope that gains could soon be returned.

Feel free to drop any moves you are making down in the comments below and let me know what coins you are currently favoring!

This isn't financial advice.  While I aim to provide my insight as accurately and bias-free as possible, please do your own due diligence before choosing to invest in anything, including Amplforth.