Market Update: Crypto Capitulation

Relax:

 

1) FidelityNYSE, Microsoft, Starbucks, and Nasdaq aren’t getting into crypto because they think it’s a “bubble”. That would be ridiculous. The asset class is here to stay, we are just in the capitulatory phase of a bear market. The question is, where do we bottom?

 

2) See the charts (scroll down) to get a feel for the key price levels. As goes Bitcoin, so goes the entire market.

 

3) Bull markets die in parabolic moves higher. Bear markets die in capitulatory flushes lower. 

Recent fundamental developments:
Nasdaq is getting into Crypto 
Regulatory Clarity is a good thing… SEC Chairman Clayton speaks at CoinDesk’s Consensus Event
Bakkt Set to Launch in Q1 2019
Morgan Stanley Report Says Crypto Now an Institutional Asset Class
Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies.

Bitcoin (BTC)

crypto capitulation

 

Currently at $3775. If we see another flush lower there is strong support in the $2900 to $3000 range. Below that the major support levels are ~$2500, ~$1800, then ~$1250. Above $4200 is bullish.

 

Ethereum (ETH)

 

Currently at $109. Support at $97.

 

XRP (XRP)

 

Currently at 36 cents USD. Strong support at 31 cents USD. Above 40 cents USD is bullish.