BTCUSD clears resistance at 82.8K, though price action so far has been hesitant to resume higher. Pull back can still be a hard re-test of the pattern boundary. ETH/BTC shows signs of strength by completing a short-term bottom reversal. Breakout from the channel favors ETH over BTC in the short-term.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading above its 200-day average at 152.85 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 152.85-156.6 area acts as support. Breakdown below 156.6 levels can test the long-term average at 152.85 levels. Price action can still be analyzed as reversion to the mean.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 152.58 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-156.6 area becomes the new short-term support. Earlier I analyzed the last 2 months consolidation as a possible H&S continuation with the horizontal neckline acting as resistance at 162.5 levels. This week's weakness negated that pattern. Given that price is still above its year-long average, I'm weighing the possibility of a sideways rectangle chart pattern between 156.6 and 162.5 levels. Breakdown below 156.6 levels can test the long-term average at 152.58 levels.
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BTCUSD clears resistance at 82.8K, though price action so far has been hesitant to resume higher. This is a concer for the quality of the breakout. ETH/BTC shows signs of strength by completing a short-term bottom reversal. Breakout from the channel favors ETH over BTC in the short-term.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 152.23 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-158.5 area becomes the new short-term support. Last 2 months consolidation can act as a H&S continuation with the horizontal neckline acting as resistance at 162.6 levels. Breakout from the H&S continuation can resume the uptrend towards the initial price objective at 166 levels.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 151.78 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-158.5 area becomes the new short-term support. Price continues to remain inside the channel. Breakout from the channel can offer a directional move.
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BTCUSD clears resistance at 82.8K. ETH/BTC shows signs of strength by completing a short-term bottom reversal. Breakout from the channel favors ETH over BTC in the short-term.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 151.4 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-158.5 area becomes the new short-term support. Price continues to remain inside the channel.
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