, the one coin that seemed reluctant to participate in the broader rally, is only too happy to join the fun on the downside, slipping from $0.3200 to a low of $0.2910. As the day continued, so did the sell-off. ETH gets as low as $160.30 and BTC to $5,375. But there the move lower ended for the day. So why is BTC so dominant?
Some coins were perceived to lead the broader market rally higher such as LTC and EOS. But as we have continued higher, traders are beginning to exit those coins in favor of BTC, thus the sudden divergence we alluded to yesterday. Even though we have moved lower, that divergence is now even more profound.ETH appears to be suffering from this BTC domination. From the chart below we can see the short-term support levels, plus a long-term trend line off the December lows.
If BTC does eventually take out the $5,800 technical level, even though the other major coins could lag, they could almost certainly gain some benefit. But if BTC decides to retrace it’s worth noting the support levels for ETH most notably $156 and $152.40. That trendline from December also comes in around $156. Below there it's back to where the rally started a couple of weeks ago at $141.Wednesday’s biggest winner and loserWith additional commentary & technical analysis by David Hannigan, Chief Dealer, trade.io.
Disclaimer: All opinions expressed by Jim Preissler are solely his opinions and do not reflect the opinions of Forbes, Forbes CryptoMarkets, their parent company or affiliates.20+ years of international business experience with a deep private equity and investment banking background. Has served as CEO, COO, CFO and have been on the Board of se...
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