[crypto] Market Minutes – Crypto Bullish Divergence vs. Stocks
Below is a past issue of Morpheus Market Minutes, your free daily market analysis and top picks for swing trading stocks and crypto.
May 19, 2022
Overall, the crypto market still seeing correlation to the stock market.
However, we have returned to seeing slight bulllish divergence in crypto vs. stocks.
Yesterday, the Nasdaq 100 ($QQQ) was down about 5%, but Bitcoin ($BTC) and most of the crypto market held up relatively well.
$BTC snapped back above the short-term pivot level around 29,400 (prior support of the third higher low on the 4-hour chart).
Today, we saw broad-based bullish momentum even with the Nasdaq 100 slighty lower today.
$BTC is back above the 30,000 level.
$KNC continues to show high rel. strength after rallying above the high of its 4-day consolidation pattern today.
It looks like we may see some ideal, lower-risk pullback buy entries by tomorrow.
As always, we will alert Morpheus Crypto members of our exact buy trigger and stop price on the top crypto swing trade setups.
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