Cryptic ball: sad days for the EU.
What a pump! As explained yesterday, the recent resistance which turned support did hold, providing some much needed comfort for bulls before the weekend arrives. Curiously, alts bounced even harder! Let's analyse.
- Such recovery is correlated with the stock market performance, as North American and European equities also started the quarter on a green foot.
- Bitcoin also tested the trendline from the recent lows, as you can see below. This confluence of signals will likely fuel the confidence of bulls.
- Alts, led by ETH's higher relative bounce (clearly seen in the ETHBTC pair), are outperfoming the orange coin. As I told you, spring is here - time to get ready. Just be sure you don't buy into any of the ponzi schemes out there.
- Lastly, it's good that crypto didn't dump in face of yesterday's EU Parliament vote on the latest AML/CTF framework - which harms basic financial rights of the citizens of the old continent. It seems no one cares about the EU anyway!
With these conditions, I expect the weekend to be smooth like butter. I can be wrong, especially if something wild changes in the macro conditions. So do your own research and don't be dumb - as volatility will likely continue to increase.
Chart art: sad days for bears.
Three things: sad day for eth haters.
- Kadeem Clarke explains Ethereum's shift to Proof-of-Stake. #themerge
- Punk 6259 explains why the European Union has lost the plot. #mustread
- Taylor Monahan shares her top crypto beginners guides. #sharingiscaring