Although the crypto space bounced mightily this week following the vicious weekend sell-off, the charts are still telling the story ahead of time: there is a steel-reinforced wall of resistance. You can see this even in my two favorite charts, since you simply have to take note of the overhead supply I have tinted:

:

ALGO Chart.

ALGO Chart.

 

:

ATOM Chart.

ATOM Chart.

This resistance is expressed just as plainly, although for different chart-based reasons, with the biggest of the big, :

Bitcoin Chart.

Bitcoin Chart.

And :

Ethereum Chart.

Ethereum Chart.

Although I have no crypto positions, I find this mesmerizing since this entire space continues to be the most chart-friendly asset I’ve witnessed in my entire life. The prospect of a BTC move down to $20,000 is still intact for the summer.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

×