BLOOMBERG GALAXY CRYPTO INDEX: Trying to build a bottom above the horizontal support around 242.65……

Short-term: Neutral  (29 nov 2018)

Support 1: 276.55        Resistance 1: 300.50

Support 2: 253.03        Resistance 2: 307.81


We moved to a ‘Neutral’ rating after the recent recovery, looking for a possible bottom. However, this should be confirmed.
Prices are struggling with the long-term falling trend line around 284.50 with next strong resistance coming in between the horizontal line around 300.50 and the declining EMA-200 line at 307.81. Please note the negative divergence in the hourly momentum chart in combination with a break below the rising MA-34 line at 279.11. This is suggesting a short-term decline in making a short-term higher low above the horizontal support around 242.65 in building a bottom.
An hourly close below the horizontal support around 276.55 will confirm the start of the next decline.

Bloomberg Galaxy Crypto Index uurgrafiek 1 (3)