Ethereum has been lagging bitcoin, but in the last few days has shown some relative strength with Bitcoin making lower lows but ethereum making higher lows.
Meanwhile the indices keep marching higher recovering most of the drop from a few weeks ago. The main question is whether we will get a B-wave high or whether the market will just keep going up forever.
For bitcoin to maintain a bullish stance, it must hole this $9300 level – which represents roughly the 38.2 retracement from the lows to the highs.
If it fails 9200, it could come down towards 8000.
Ethereum had been lagging bitcoin, but in the last few days, it is catching a bid. If so, it would need to push up in the immediate next 24 hours to show some strength.
The stock market has shown extreme resilience from its drop to the Feb 9 lows.
The quick reversal on Feb 21 – after the 2pm Wdnesday Fed meeting made it seem like a correction was coming – but then the next day, it just went right back up as it has continually done.
I was looking for the Nasdaq to stop around 6900. On Feb 21 – we didn’t quite make it there – but the reversal was so quick that I thought we might not hit 6900.
But of course, the market somehow manages to make it over 6900 – 1 week later.
So now that it has reached above 6900 – the question is whether that resistance will hold for a B-wave top or we get some other fake out. There’s support around 6700 and resistance just over 6900.
If you are new to crypto – the most popular place to get started is Coinbase – use this link to get $10 in bitcoin when you sign up. For smaller cryptos, I’ve been using Binance – though I’ve been having issues verifying my identity with them. So far it seems to be one of the better platforms for getting exposure to various cryptos.
Robinhood has $0 trade commission for stock and will soon have it for cryptos.
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