BLOOMBERG GALAXY CRYPTO INDEX: Short-term downtrend reversed, moving to a ‘Neutral’ stance……

Short-term: Neutral  (28 nov 2018)

Support 1: 276.55        Resistance 1: 295.35

Support 2: 261.96        Resistance 2: 300.50

                                                          

Prices bottomed above the horizontal support around 242.65 from where a rise started. Within this rise prices broke above the steep falling trend line around 251.30 followed by a close above the MA-34 line at 261.94 this morning. This was the beginning of a solid recovery within the longer-term downtrend.
Please keep in mind that the positive divergence in the hourly chart was already spotting this coming recovery.
Prices managed to close above the first horizontal resistance level around 276.55 in the hourly chart in combination with a solid rise in the hourly momentum chart. However, as long as prices are moving below the strong resistance area between the long-term falling trend line around 295.35, the horizontal line around 300.50 and the declining EMA-200 line at 313.27 we should consider this as a recovery within the long-term downtrend.
The short-term upward bias remains intact above the slowly rising MA-34 line at 261.94 in building a possible bottom formation with next horizontal support coming in around 242.65.

Bloomberg Galaxy Crypto Index uurgrafiek 1 (2)