Crypto Market Update April 20th, 2020

Jon Connelly

BIG Picture – BTC

In BTC, we have strong support in the 6500~ area, and I expect a move to the 7700-7900 Range in the short term. With bitcoin halving coming up, it’s certainly a more volatile time to trade. We also have had a significant correlation between bitcoin and risk assets like the Nasdaq and S&P 500. While we all like to think Bitcoin is “different”, the chart and the liquidity is correlated, for the time being. So any big down move in equities could result in another washout for BTC. This is not my expectation, but it’s certainly a possibility. Our chart from last week is identical, and we are making our way to the 7700-7900 zone as expected.