S&P 500 Remains Resilient, BTC Faces Lower Lows and ETH Tests Support in Trend Channel
TradFi:
The S&P 500 remains within the rising trend channel. The RSI is supported by a rising trend line, advocating for further upside. A break of this line, especially the 20-period moving average, would serve as a warning sign that a pullback might be in sight.
Bitcoin (BTC):
BTC has witnessed a series of lower lows and lower highs since its yearly high posted in April. The next support is located at $24,000, a good entry point for long-term holders.
BTC > $28,500 → Bullish
BTC < $28,500 → Neutral with a bearish bias
BTC < $25,250 → Bearish
Ethereum (ETH):
ETH prices have reached the bottom-end of a rising trend channel formed in Nov '22. This area also intersects with the 200-day MA which may reinforce its psychological importance.
ETH > $1,890 → Bullish
ETH < $1,890 → Neutral with a bearish bias
ETH < $1,710 → Bearish
Cardano (ADA):
ADA's weekly chart shows a significant 42% fall in price, since the last weekly candle opening on 5th June (day of SEC lawsuit). We approach closer to areas of support last visited in 2020, which is where price paused from Jul-Dec '20 before huge buying pressure kicked in.
View the full report here:?Market Note — June 15,?2023
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