Who’s Right — BNB or XLM?
There’s been a strong move in cryptos so far today, and for most large cryptos it’s been to the downside. Most notably, leaders BTC and ETH are testing key support levels with slightly higher volume.
We’d say there is nothing bullish about the current set up except for two indicators worth noting:
1) XBT futures has a weekly chart pattern that is a high prob for higher prices at some point (so intermediate or long-term, the chart says we’ll see higher prices)
2) BNB — this is a rarity and could just be BNB has it’s own story to let it break away from the rest of the crypto market or it could be an indicator that a sharp move down for large cryptos might be to shake out weak hands before a real bullish move higher. And on the more bearish side there’s this indicator still out there—-
3) XLM (prior chart shown) — We shared recently how XLM has been underperforming the market and it’s moving down again today —
BOTTOM LINE: Prior patterns would give the edge to large cryptos dropping to test lower levels of support like XLM did before going higher — but BNB (and to a lesser extent TRX say maybe not this time)
OR if you want an even simpler bottom line $3500 BTC and $95-100 ETH are still the price levels to watch for the overall state of the crypto market, until they’re not…..
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