Cypto markets still appear to be operating within a “good economic news equals bad news for asset prices” landscape, and the current RSI levels show why, GWilliamsJr_CMT writes
Crypto markets still appear to be operating within a “good economic news equals bad news for asset prices” landscape.
Cryptos responded in kind, testing lows but then recovering as investors chewed over the conflicting data. Bitcoin declined temporarily to $20,780 before finding its footing. The largest cryptocurrency by market capitalization was recently trading a little below $21,000. Ether's price also dropped, to $1,513, before rising to near $1,550.BTC’s recent 25% price surge came with a sharp uptick in momentum.
The momentum is likely to wane, however. To an extent, we’ve already seen that with both BTC and ETH’s RSI falling to current levels of 78 and 73, respectively. However, a second look at past data shows that we’re still swimming in relatively uncharted waters. Historic behavior of the two assets differs, despite their relatively tight pricing relationships with each other.
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