Is the cryptocurrency space heating up?


The market on Tuesday was sluggish at best. Of the four main indices, the Nasdaq 100 (QQQ) achieved the largest gain on that day with + 0.45%.

The average daily volume on Tuesday in the QQQs was also hit with 27,800,000 shares traded compared to the average of 40,300,000.

As the stock market slowed for the day, the cryptocurrency room heated up.

Since Sunday evening, the total market capitalization of cryptocurrencies has increased by about 20%.

The money flowing into the room comes below 30,000 following the recent decline in bitcoins (BTC).

Bitcoin is currently trading at around 36,000.

Some say Bitcoin's recent low was the low before a major rally.

From a technical point of view, however, Bitcoin is facing quite a resistance, which is around 40-41,000.

If it can break out of this price level and hold it, it would confirm a breakout across a key consolidation area.

Recently, we identified the technology sector as the strongest in the stock market from a momentum and price point of view compared to many other key sectors that are losing momentum.

With that in mind, using our proprietary Real Motion indicator for Bitcoin shows that it could be getting ready to break its 50-period moving average in RM.

This means that when both RM and price cross their 50 DMA, they confirm that price and momentum are a match.

If momentum can hold and Bitcoin and BTC can break above 41,000, this could be the next rally crypto investors are looking for.

To view updated media clips, Click here.

Analysis and summary of exchange ETFs:

S&P 500 (SPY) Consolidation Doji Day.

Russell 2000 (IWM) Struggling with resistance at 234. Holding above the 10 DMA at 228.67.

Dow (DIA) 341.82 decisive.

Nasdaq (QQQ) New highs.

KRE (regional banks) 63.63 support. 68 choppy area.

SMH (semiconductor) New highs.

IYT (transport) 254.65 support.

IBB (biotechnology) 159 support area.

XRT (retail) 97 turntable. Like to see this stay about 9:15 p.m.

Twitter: @marketminute

The author may have a position in the named securities at the time of publication. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.

https://dailyaffiliatemarketingnews.com/is-the-cryptocurrency-space-heating-up/

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