Oftentimes assets will trade in a way that traps investors. Greedy Bitcoin bulls entered into trading positions following the first leg of the retracement, hopping for an additional leg up. Should we see a break below the 20 EMA, there will likely be additional pain for Bitcoin and the crypto market.
Ethereum is warning us that in the short term, there could still be bearish price action. While BTC is struggling to stay above the 20 EMA, ETH has yet to break above it. As we have seen for the past few weeks, Ethereum is acting as the leader of the crypto market. The prices of Bitcoin and the altcoins have a high probability of following it.
Casper has continued to see strong price action, but will likely convert into a trading range. After seeing a micro double top and a two-legged rally, CSPR will likely give back a portion of its gains throughout this week of trading. We expect to see Casper perform well in the next crypto bull market, as it continues to make strategic partnerships with enterprises, and speculators will likely market this chain as the Ethereum alternative.