All in all, the current recovery results in the development of a short-term bottom above the horizontal support around 242.65 in the hourly chart. Short-term further gains are possible, but we would not be surprised by a minor pull-back towards the rising MA-34 line at 261.94 before moving higher.
The break above the steep falling trend line around 251.30 and close above the MA-34 line at 261.94 resulted in an upgrade of our short-term rating to ‘Neutral’ from ‘Down’.
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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