Crypto Briefing 2/26/24 – The Forecast

Crypto Briefing 2/26/24

Crypto Briefing 2/26/24

Bitcoin has a high probability of testing $62,000. After seeing a breakout on any chart, there is a 60% probability that a second leg occurs. Following Nvidia earnings, there are no other binary events to keep the market propped up in the short term. We are still in a seasonal period where we could see a decline.

Ethereum is now in a smaller bull channel on the daily and is continuing to show a tremendous amount of strength. There are more bull bars than bear bars in the channel and pullbacks are extremely short and have no follow-through.

Robinhood is up 30% since we mentioned it in our crypto brief several weeks ago. While we do not advocate chasing, Robinhood has broken out of a multi-year trading range and is poised to test a key level of support at $15.90. We do not expect it to break through on its initial attempt. However, as long as the stock market remains buoyed and Robinhood’s fundamentals remain, there will likely be continued appreciation.