Market Analysis April 13

[Boomerang Capital Inc]

Game on?
MARKET ANALYSIS - BTC ETH LTC XMR

Today's rally offers a mix of several central themes that we've written about in previous reports.

Buying out of Russia highlights that Crypto as an asset class is so important that it both shapes and is shaped by the geopolitical landscape. The fact that big foreign buyers seemed to have picked crypto over metals speaks volumes. Today’s rally in Bitcoin is propelling a bounce off the 50-week moving average, and weekly stochastics are turning. If today’s rally holds, it could mean a long-term rally has begun.

Basic Elliot Wave work on the BTC weekly chart shows new highs are possible. In addition, to overseas buying, the power of hedge fund in the crypto market should be considered. Recently, there were outflows from crypto hedge funds. All that money that flowed out will no doubt rush back in, fueling more buying. Soros and all the rest are no doubt future buyers.

Next, the ETH rally and even EOS (not shown) was a leading indicator of the BTC rally. Earlier, we had discussed that ETH needed to lead any advance, and it did not disappoint. If ETH can climb back above its 50-week moving average at 463, it could be “Game On” across the crypto complex

It would also be helpful if LTC could climb back above a big Gann point at 12

and Monero (XMR) could stay above its 21-day moving average at 181. Generally speaking, a move above the 21-day moving average can be an important benchmark in establishing daily momentum

SORRY NOT ABLE TO POST CHARTS.

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