Crypto Traders Eye ATOM, APE, CHZ and QNT as Bitcoin Flashes Bottom

Bitcoin, ATOM, APE, CHZ and QNT face resistance at higher levels, but chart patterns suggest recovery current could extend for some time a few more days.

US stock markets rallied strongly last week, ending a three-week losing streak. The S&P 500 rose 3.65% last week while the Nasdaq Composite climbed 4.14%. Continuing its close correlation with US equity markets, Bitcoin (BTC) has also made a strong comeback and is trying to end the week with gains of over 7%.

The strong rally in equity and cryptocurrency markets is showing signs of bottoming out, but it may be too early to predict the start of a new upside move. Stock markets could remain on edge ahead of the release of US inflation data on September 13 and the Federal Reserve meeting on September 20-21.

Daily View Crypto Market Data . Source: Coin360

In addition to taking inspiration from stock markets, the cryptocurrency space has its own important events to look forward to. The Ethereum merger and Vasil hard fork of Cardano (ADA) expected in the coming days could increase the volatility of several cryptocurrencies.

Although choppy markets increase the risk...