BLOOMBERG GALAXY CRYPTO INDEX: Prices are consolidating above crucial horizontal support around 242.65……

Short-term: Neutral  (5 dec 2018)

Support 1: 242.65        Resistance 1: 253.67

Support 2: 226.23        Resistance 2: 261.00


Prices are suffering from the recent heavy losses and are trying to bottom above the horizontal support around the 242.65 level. However, we are looking for confirmation that prices have bottomed above this support level in the hourly chart. It is encouraging to see that the hourly momentum chart is making a higher low. This could point to the beginning of a rise in prices.
First improvement in the price chart would be an hourly close above the MA-34 line at 253.67 followed by a break above the next horizontal resistance around 261.00.
That would confirm that prices have bottomed above the horizontal support around 242.65, indicating a pull-back towards the declining EMA-200 line at 278.85.
Each hourly close below the horizontal support around 242.65 should be considered as bearish.

Bloomberg Galaxy Crypto Index uurgrafiek 1 (2)