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BTC Had Several Failed Attempts To Break 5,350
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BTC Had Several Failed Attempts To Break 5,350

With Easter weekend, there are public holidays around the world with many financial markets closed for a long weekend. Crypto, of course, is the market that never closes although many participants could have been sidelined.

Therefore it’s with little surprise that we find much of the market unmoved as Friday began with Bitcoin (BTC) at $5,250 and Ethereum (ETH) at $172.50. And as the day progressed it was a virtual non-event with trading volumes minimal.

However, the weekend did see some volatility with liquidity at a premium. BTC had several failed attempts to break $5,350 but also succeeds in holding $5,200 to the downside. ETH was a little more volatile with one brief spike to $178 and a reversal as low as $166.50.

The worst performer of the major coins was LTC which broke below $80 to touch $73.50 (technical picture touched on below). On the news front, renowned analyst Tom Lee suggested Alt coins might be about to have their own time in the sun based on a recent reduction in their correlation with BTC.

His thoughts touched on a subject we have mentioned on several occasions, e.g. the ability of coins to move on their own merits, not just as a watered down function of BTC or ETH. As the weekend drew to a close BTC was back to $5,300 and ETH to $170.50.

 Technical Analysis

As we mentioned above, LTC was the worst performing major coin over the Easter weekend. As you can see below LTC is already off almost 25% from the recent highs, having been one of the market leaders on the way up.

Several attempts to break lower (including today’s move), have been repelled. As you can see there is a thin bank of support forming either side of $75 but a break below there could open up a return to the $60 level which was the break-up point several weeks ago. Keep an eye on the number 6 ranked coin over the coming week and any potential knock on affect to the broader market. 

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