Equity Markets vs. Cryptocurrency Markets: Weekly Performance Review: March 31

Publié le by Cointele | Publié le

Global equity markets ended mixed last week, ranging from a 2.0% gain for India's BSE 30 Sensex Index to a 1.4% loss for the S&P 500 Index.

On a technical basis, little progress has been made over the past eight weeks or so in most major equity markets.

Last week the Nikkei 225 Index was up 0.53% as it broke out of an early-stage bullish falling wedge.

Hong Kong's Hang Seng Index has remained under pressure for the past several weeks as it closed lower each time and remains below its uptrend line.

Last week it closed down 0.83% to the lowest weekly close in eight weeks and looks to be heading to its next key trend support zone around the 200-day SMA. The 200-day line, now at 28,927.

All of the major cryptocurrencies in the accompanying chart were down last week with prices under pressure into the close.

Appearing on CNBC last week, Lee referenced his recent report which calculates a minimum of $25 billion in capital gains taxes owed by US Bitcoin and cryptocurrency investors for profitable sales that occurred in 2017.

Four weeks ago the downtrend broke through key support of both the uptrend line and 200-day SMA, as can be seen in the daily chart, and it kept falling.

The slope of the 200-day line is still rising, although not by much, and the 50-day SMA has not yet closed below the 200-day.

If Ethereum keeps rising from there, the next level to watch for is resistance around the downtrend line and then the 200-day line, which is now at $612.91.

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