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Blocksmith Says: A Meaningful Reversal is Underway

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Yesterday we looked at the decoupling of Ethereum and the S&P500 Index. The SPX is now catching down and recoupling as crypto has largely remained unscathed in this equities flash crash across Europe, Japan and the US.

A couple of interesting technical points in the chart:

1. A failed break of key support / resistance.  Price looked to be consolidating ahead of an upside break which was being attempted and then dramatically failed.  Failed breaks are a big indication that a meaningful reversal is underway.

2. Head and shoulders top in RSI – momentum leads price.