BTC remains range bound as select Alts showing signs of bottoming

Jun 17, 2020 • 3 Min Read

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 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 0.26% .  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