Blake Morrow’s Chart of The Day – May 13th 2021

BITCOIN

Bitcoin (A.K.A. your Grandpa’s crypto) is trading heavy and over the last several weeks has not been able to crack back above the 60K level. With the recent serge in many alt coins, BTCUSD has not been able to keep up (at all). Traders should be watching two levels. First, the 52K level is horizontal support and below there could break an ascending channel. More importantly, a break of the 47K level could lead to a test of the 42K breakout point and previous resistance from the January highs. I guess the question on everyone’s mind is “If Bitcoin falls, will it impact the rest of the crypto market?” My assumption is “yes” as a lot of institutional money is invested into your Grandpa’s crypto, but we may soon find out.