Crypto rebounds stalling at resistance – ETHBTC remains noteworthy
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.
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.
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