Chart Of The Day: Bitcoin
Blake Morrow | May 12, 2021 06:29PM ET
Bitcoin (a.k.a. your grandpa's crypto) is trading heavy. And over the last several weeks it has not been able to crack back above the 60,000 level. With the recent surge in many alt coins, BTC/USD has not been able to keep up (at all). Traders should be watching two levels.
First, the 52,000 level is horizontal support and below there could break an ascending channel. More importantly, a break of the 47,000 level could lead to a test of the 42,000 breakout point and previous resistance from the January highs. I guess the question on everyone's mind is "If Bitcoin falls, will it impact the rest of the crypto market?" My assumption is "yes" as a lot of institutional money is invested in your grandpa's crypto. But we may soon find out.
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