Crypto rebounds stalling at resistance – ETHBTC remains noteworthy

Apr 15, 2020 • 2 Min Read

What’s changing technically for crypto currencies?
After rebounding from deeply oversold levels in March, most cryptocurrencies are stalling under technical resistance coinciding with declining 50- and 200-dma’s. Given the long-term uptrend for BTC remains intact, our expectation is for the current pullback to be relatively shallow over the coming 1-2 weeks.

The video in this report is only accessible to members


BTC stalling under declining 50- and 200-dma’s
BTC is stalling short-term under heavy technical resistance between 7-8K which coincides with a 50-62% retracement of the Q1 collapse and declining 50- and 200-dma’s. Slide 5 Interestingly, a similar pattern is developing for many other risk assets, notably equities where the S&P 500 is showing early signs of pausing at its 50% retracement of the Q1 sell-off and many cyclical stocks pull back from declining 200-dma’s.

The video in this report is only accessible to members

Bottom line – Expecting a shallow pullbackAfter an impressive oversold surge, most crypto currencies (and risk assets) have begun to retrace/consolidate their recent gains. Given the longer-term trend remains positive for BTC, our expectation is for a relatively shallow, 1-2 week pullback. First support begins at the 6.5K with next support between 5.8K and its rising 200-week (1000-dma) near 5.6K. ETH vs BTC: Positive divergence...

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

BITCOIN (BTC) “CRYPTO-WINTER” LOOKS TO BE OVER.  A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course.  The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...

Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in SPX, but also successfully exceeded 3-4 month downtrends for SPX and DJIA -0.83% .  Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume.  Hourly charts show this breakout above the two former peaks...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In