Bitcoin, Ethereum And The Stock Market Have This In Common

The crypto market is suffering a new correction these days, and some investors are freaking out at the thought that we’ve entered a bear market.

Check out a new analysis revealed by Benjamin Cowen.

The popular crypto analyst Benjamin Cowen says that Bitcoin (BTC), Ethereum (ETH) and the stock market are all facing the same hurdle.

He recently spoke in a new strategy session, and he looked at what he calls the bull market support band.

Just in case you don’t know, this is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

According to Cowen, Bitcoin, Ethereum, and the Nasdaq have all been rejected at the bull market support band, as the Daily Hodl notes.

“You can see that [Bitcoin is] facing resistance off of the bull market support band… This is actually what we’re seeing in a lot of different places. Go look at the Nasdaq. A similar story. Two wicks up to the top and then a pullback back to the downside. It also did not make it up to the bull market support band…”

He also said that ETH is seeing the same type of moves.

He continued and said the following:

“We’re seeing a lot of resistance across broader markets, not just crypto. If you’re sitting here thinking that we’re off in our own little world, we’re not. Bitcoin and the cryptocurrency market very much remain a risk-on asset class.”

The analyst also said that in order for the markets to get back their bullish momentum, the equity markets have to start leading with some rallies.

He also said that a big move to the upside in the stock market is likely what it’s going to take to put crypto bulls back in charge.