The current momentum across all cryptocurrency markets does not instill any degree of confidence. All markets are still in the red, primarily because of the Bitcoin price suffering from a major setback in the past 48 hours. Although the momentum seems to improve, the going remains tough for nearly all altcoins. The EOS price is seeing its fair share of problems in this regard.
Will a 6% drop in bitcoin price hamper the current rally which has produced a 35% gain since March 3rd?
April continues to amaze but after an impressive rally, Bitcoin and other majors showed signs of bearish exhaustion as the market became overbought after topping out at $ 9,767 today.
As predicted BTC met stiff resistance near the 200-day MA ($ 9800) and while today’s pullback is mildly disconcerting, the longterm set up for BTC remains positive.
4 HR Chart