After a sharp rebound from last week’s sell-off, BTSE Token is again under pressure as global markets fall.
Bulls might be buyers on weakness here, with last week’s spike low of $2.261 now in focus as an important level for market sentiment. A sustained break below this level might be perceived as bearish by some traders.
Swing traders may have particular regard to the 14-day RSI here, with the 45 to 50 bull market support zone having marked dip-buying opportunities on four occasions since May of this year.
With the price currently rebounding near the blue support zone and the 50-day exponential moving average, traders may expect some stop-loss congestion slightly below these two key support levels.
Bears are likely to be shorters on strength from here, noting that the recent surge in price failed to exceed last week’s high of $2.952. Of relevance here is last week’s spike low of $2.261, a break below which may be perceived by some traders as confirmation a double top and a signal of further downside price action.
Traders may also note the sharp rise in the VIX today and broad-based risk-off selling across equities markets. Having only been listed in March, BTSE Token’s correlation (if any) with broader risk sentiment is likely to be closely watched.
That’s it from me today. If you would like to read some of my other stuff, you can find me on twitter at @savdoescrypto.
Until next week, take care and stay awesome.
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