BTC whipsaws but select Alts soldier higher following May break-outs
BTC’s temporary break out leaves it back in the box but Alts continue to trend higher. BTC, once again, whipsawed traders over the past few days temporarily gapping up above the widely watched 10K resistance level only to gap back down into its May trading range to test 9.1K support and settle back to where it all started near 9.5K. It all reminds us of the title to the Pharcyde’s classic 1992 debut album Bizarre Ride II. So while BTC’s near-term trading was somewhat bizarre, the overall technical outlook has not meaningfully changed. In fact, the more interesting development in crypto continues to be the positive divergence in the Alt space we have been highlighting here over the past three weeks.
Fundstrat proprietary FS CryptoFX Indices continue reflect improving crypto technical internals - Similar to BTC, the FS CrypoFX 10 large-cap, FX40 mid-cap and FX250 small-cap indices are challenging, but have yet to reverse, their 2018-2020 downtrends. A rally above their Q1 2020 highs will need to develop to confirm a new uptrend defined by at least one higher high. The FX40 is noteworthy given it is reversing the relative performance downtrend versus the FX 10 that has been in place since Q2 2019. In addition, we would continue to draw investor’s attention to the advanc...Unlock this article by joining our Community!
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