After the bankruptcy of FTX and Alameda Research last week cryptocurrencies as the stock market experienced sharp declines S&P 500 rose and had its best week since June.
Technical analyst who commented on the rise of the S&P 500 and the decline in cryptocurrencies and founder of Fairlead Strategies Katie StocktonHe spoke on CNBC’s Squawk Box.
Stating that the rise of the S&P 500 should not be given too much importance in the short term, Katie Stockton reminded investors that we are still in a bear market and this is a bear market rally.
“All short-term indicators are pointing higher, while long-term indicators are still pointing lower.
I think there is a macro shift behind this bear market rally.”
Pointing out that while the stock market is rising, the crypto money market is falling, Stockton said, Bitcoin (BTC) He said that it is important how you close this week.
“If Bitcoin closes this week below $18,300, it will confirm further declines and the next level of support will be below $13,900.”
While it’s easy to talk about bearish moves now, the indicators have been around for a while. bitcoin He said it showed a decrease in downward movements for
In the last week, the collapse experienced due to the liquidity shortage of FTX, Bitcoin and on Ethereum (ETH) Stating that he expects further declines, the analyst said, “I was surprised that BTC and ETH didn’t drop any further in the past week.” said.
“Indicators are showing that the downside moves for Bitcoin are diminishing. This would support a nine-week recovery for crypto.
However, this is not certain whether Bitcoin will survive the expected crash. But the current situation will be a welcome relief rally and selling opportunity.”
“I am surprised that more damage wasn’t done to the charts of #Bitcoin and #Ethereum last week,” says @StocktonKatie. “The indicators are showing side of downward exhaustion for bitcoin that we haven’t seen in some time. That would support a rebound of 9 weeks or so for #crypto” pic.twitter.com/aOUfdfAamQ
— Squawk Box (@SquawkCNBC) November 14, 2022
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