BTC Strength Stands Out as Markets Search for a Bottom

jfsrevg
03-25 10:38

$BTCUSD — Sustained Relative Strength, Recapture 50-MA In Yesterday's Swing

While major indices hit their YTD low from last friday session, $BTC YTD low remains Feb 6, following the previously highlighted $60,000 floor. Today’s high volume intraday g2r session across the major indexes and sectors (except $Energy Select Sector SPDR Fund(XLE)$ ) provides another opportunity to spot relative strength names and build a watchlist of conviction names ahead of future market base.

$BTC may appear to be forming a similar higher low base that previously broke down by -30% from Jan 29. But it's worth noting that move was accompanied by RS bearish divergence as the market pushed toward all time high levels during that period, a very different context to current YTD low range the market is hovering now.

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