The SPDR S&P 500 ETF Trust (NYSE: SPY) and Bitcoin (CRYPTO: BTC) made new highs last week of $417.91 and $64,896.75, respectively, while small and midcap stocks trading on smaller exchanges took a pause.
Although Bitcoin has consolidated over the weekend, indicating the SPDR S&P 500 ETF and the Nasdaq may need some consolidation in the coming days, Ethereum (CRYPTO: ETH), Snowflake Inc (NYSE: SNOW) and Biomark Diagnostics Inc. (OTC: BMKDF) look bullish going into the week.
Related Link: Bitcoin Plunges, Taking Other Cryptocurrencies With It
The Ethereum Chart: Ethereum made a new all-time high of $2548.53 April 15 and has since consolidated.
On Sunday, Ethereum retraced to a daily support level at $1935.44 and bounced sharply, regaining a higher daily support level at $2,150, which aligns with the 21-day exponential moving average (EMA).
Although Ethereum is trading below the eight-day EMA, the eight-day EMA is still trending above the 21-day EMA, making for an overall bullish picture.
Bulls want to see Ethereum continue to hold the $2,500 support level and the 21-day EMA. They also want see it consolidate healthily near all-time highs while it collects enough volume to push it back towards all-time highs.
Bears want to see sustained bear volume to push Ethereum back down below its $2,500 support level. If Ethereum can’t hold that support level, it could retest the $1,935 mark and eventually force the eight-day EMA to cross below the 21-day EMA. If that happens, it could push Ethereum down further towards the $1,824 area.
The Snowflake Chart: Snowflake has retraced 45% from its all-time high of $429 made on Dec. 8, 2020. The stock has fallen into a bullish falling wedge pattern, however, and on April 13 made a bullish break up from it.
Snowflake’s stock is trading on both the eight-day and 21-day EMAs and bullish volume, with even a slight move up in share price, would cause the eight-day EMA to cross above the 21-day EMA, which would be bullish. Declining bear volume on the daily chart shows the stock is running out of sellers, which is also a bullish sign.
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Bulls want to see bull volume come into Snowflake’s stock and for it to push off the $232.74 support it is trading at to make a move towards its next resistance level at $255.25. If the stock can reclaim that level, it could move towards the $270 mark.
Bears want to see Snowflake’s stock lose support at the $232 area, which could see it fall down to the stock’s next level of support around $213.
The Biomark Chart: After reaching an all-time high of 42 cents on March 17, Biomark’s stock settled into two bullish patters — a daily bull flag and a daily symmetrical triangle — before breaking bullish on Friday and making a new all-time high on large bull volume.
Biomark’s stock is trading above both the eight- and 21-day EMA, which is a bullish sign, and, although somewhat extended from them, the two commonly followed EMAs made an abrupt upward turn on Friday to try and catch up.
Bulls want to see sustained bullish volume in Biomark’s stock for it to continue its run in all-time highs as there is no price history resistance. Bulls could wait for a retest of the previous all-time high of 42 cents to see if the stock holds above.
Bears want to see bull volume drop off and for Biomark’s stock to lose support at the 42-cent level, which could see the stock drop back down to 35 cents. If Biomark can’t hold support there, it has room to drop further towards the 32-cent area.
ETH, SNOW and BMKDF Price Action: Etherium was trading at $2170.05 at publication. Snowflake closed at $232.74 on Friday, and Biomark's stock closed at 45 cents.
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