Is the Crypto-Currency Space Heating Up?
Tuesdays market action has been sluggish at best. Of the four major indices, the Nasdaq 100 (QQQ) made the largest gain ending +0.45% on the day. Tuesdays average daily volume in the QQQs also took a hit with 27,800,000 shares traded compared to the 40,300,000 average. While the stock market slowed down for the day, the crypto-currency space has been heating up. Since Sunday night, the total crypto-currency market cap has increased roughly 20%. The money flowing into the space comes after Bitcoins (BTC) recent dip under 30k. Currently, Bitcoin is trading around 36k. Some are saying Bitcoins recent bottom was the low before a large rally. However, from a technical side Bitcoin faces a fair amount of resistance coming in at 40-41k. If it can clear and hold this price level, this would confirm a breakout over a key consolidation area. Recently we identified the tech sector as the strongest in the stock market from a momentum and price standpoint, compared to many other key sectors that are waning in momentum. With that said, using our proprietary Real Motion indicator on Bitcoin shows that it could be getting ready to break over its 50-period moving average in RM. This means if both RM and price can break over their 50-DMA they will confirm that price and momentum agree. If momentum can hold and Bitcoin and BTC can break over 41k this could be the next rally crypto investors are looking for. To see updated media clips, click here. Stock Market ETFs Analysis & Summary:  S&P 500 (SPY) Consolidation doji day. Russell 2000 (IWM) Struggling with resistance at 234. Held over the 10-DMA at 228.67. Dow (DIA) 341.82 pivotal. Nasdaq (QQQ) New highs. KRE (Regional Banks) 63.63 support. 68 choppy area. SMH (Semiconductors) New highs. IYT (Transportation) 254.65 support. IBB (Biotechnology) 159 support area. XRT (Retail) 97 pivotal area. Like to see this stay over 96.15. Twitter: @marketminute  The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.