Crypto is near an interim double top. So many setups showing big moves ahead but there’s been a failure to punch through proving that resistance is resistance until broken.
BTCUSD Ichimoku cloud chart below. For now, the market overall is closely correlated to BTCUSD moves. Will the price resolve upwards or downwards? There is a mix of bullish and bearish indicators for the 800lb gorilla in Crypto.
Holding the bottom of this pitchfork but flirting with a breakdown. $8,900 looks very important here.
So the market is between a rock and a hard place. Will there be a shakeup in the top 5 coins? Will a coin decouple from BTC? Will BTC break down or break up and take the whole market with it?
BCHBTC ratio is on the move upwards and approaching a double top / key resistance level. However the ratio has a recent bearish TK cross (similar to BTCUSD). If there’s is a break of that recent high and bullish recross of the TK then that is very bullish for BCHBTC. Add in that BCH has an upgrade in two weeks that will enable new functionality. Will it be a sell the news event or a confirmation of BCH maturing?
My overall take is that it’s best to watch the charts closely near term. Any significant breakdown and it’s time to sell and wait for the next bull signal. Crypto is volatile and you may get whipsawed in both directions. That’s the risk you take. This is an important move ahead for the market and I think will set the tone for Summer. I’m keeping a close eye on how these charts play out. The crypto market is about to choose a direction and right now the best offense is a good defense.