All in all, the development of a short-term bottom should be expected after yesterday’s recovery. There is a short-term bearish target of the 60 minute Point&Figure chart at 253.03, suggesting a higher low above the horizontal support in the hourly chart above the 242.65 level.
From here we would like to see a violation of the long-term falling trend line around 284.50 in combination with the resistance area above the horizontal line around 300.50 in combination with a close above the EMA-200 line at 307.81. That will trigger a short-term Buy signal, although the upside potential will be limited. Prices will meet plenty of resistance between 318.75 and 359.50.
Bloomberg started the Bloomberg Crypto Index since May this year. This Index provides a good overall sentiment of the Crypto currency market. We will use the hourly chart until further notice as the price history is limited since the start in May.
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