BTC remains range bound as select Alts showing signs of bottoming
A pullback for BTC along with most risk assets but a few key Alts showing early signs of bottoming at support - Cryptocurrencies, faded over the past week, with BTC dropping from just under 10K resistance last Tuesday in conjunction with most other risk assets, with short-term lows developing this past Monday. Overall BTC remains in a broad trading range above key support between 8.6-9.1K BUT it is the technical behavior of a handful of Alts that has our attention technically notably for ETH, ADA, NEO and XLM.
Key levels for our FS CryptoFX indices and advance-decline lines - From a top down index perspective, there are a number of noteworthy levels to pay attention to within the Fundstrat FS CryptoFX indices. First, the FS CryptoFX Advance-Decline lines for the FX10 large- and mid-cap indices are pulling back after completing an important multi-month bottoming pattern. As a reminder, while BTC collapsed to new 2020 price lows in March, our FX10 large-cap and FX 40 mid-cap advance-decline lines bottomed in January of this year and have progressively made higher lows and higher highs, the definition of an uptrend, through this year. Provided the recent pullback is able to hold above the Q1 highs, we continue to view the overall trend as positive. Secondly, the absolute price...Unlock this article by joining our Community!
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