Caution on Cryptos

Bitcoin futures are trading up by 1.24% as of 2 PM EST, and are pegged at $39,090. BTC futures are butt up against resistance residing at $40,000 and looks poised to re-test support at $30,000. The recovery from the lows at $30,000 seems to have lost steam and was short lived so we are expecting lower prices and viewing the recent recovery most likely as a dead cat bounce.

Ethereum’s recovery although more bullish than Bitcoin’s is still likely to be tied to Bitcoin’s movement and therefore may also be threatened. It seems as though the widespread recovery that swept across the markets including alt. coins has come to a halt with most coins still trading lower on the week. Caution seems to be the name of the game in the crypto currency space.