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Bitcoin moved back above the psychological support level of 30,000 yesterday, then spent the overnight session consolidating in a tight range above that level.
Now that the price of $BTC is showing a volatility contraction near the highs of its range, a breakout above the week-long consolidation may be coming soon.
We have returned to seeing slight bulllish divergence in crypto vs. stocks.
Yesterday, the Nasdaq 100 ($QQQ) was down about 5%, but Bitcoin ($BTC) and most of the crypto market held up relatively well.
The crypto market moved lower today, prompted by a sharp sell-off in the stock market.
However, $BTC and the altcoin market showed impressive resiliance by finding support at mid-day and began edging higher.
Earlier today, we sold HALF of our $MANA position in the Morpheus Crypto portfolio for a solid gain of +17% since our May 13 buy entry.
In order for the current rally attempt to get some legs, we need to see increasing momentum in the form of higher volume. Furthermore, remember that $BTC and $ETH both remain below their 10, 20, and 50-day moving averages.
