The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. Price rebounded from the previous low at 81.4 levels. Breakout above 87 levels completed a possible short-term double bottom with the price target of 92.7 levels. The 200-day average is acting as resistance at 93.5 levels. So far price action is 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) remains below its 200-day average. Price rebounded from the previous low at 81.4 levels. Breakout above 87 levels completed a possible short-term double bottom with the price target of 92.7 levels. The 200-day average is acting as resistance at 93.8 levels.
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Price action on many crypto pairs has been muted so far with many charts going through sideways consolidations. Minor lows held but rebounds have been weak.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. Price rebounded from the previous low at 81.4 levels. Sharp rally towards 87 levels puts the double bottom reversal possibility on the cards. Breakout above 87 levels can resume the rebound towards 91.7-94 area. Failure to clear 87 levels can result in the latest consolidation becoming a bearish continuation. Until there is a breakout, trading range remains between 81.4 and 87 levels.
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I start my research on Mondays and finalize by end of day Thursday. Friday is dedicated to putting all ideas to the report format. During the week I come across good setups and those are featured in the weekly report. However, there are those that pop during the week and is worth bringing to your attention before the week finalizes. Below are the latest additions to Tech Charts watchlist Americas. These charts will also be included in the weekly update.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. Price tested the previous low at 81.4 levels during the week. The lows held and the ETF rebounded. It's long shot and can be early to call for this but I will focus on the possibility of a short-term double bottom. For that I would like to see a sharp rally towards 87 levels in the following week. Failure to hold above 81.4 can resume the existing downtrend.
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Rebounds that started in mid-June hasn't been strong enough to form bottom reversals and result in a larger scale uptrends. At least this is what I can say with the price action so far. Charts below cover those altcoins that risk breaking to new lows if we continue to see weakness and re-test of minor lows.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. The ETF is trying to recover above the minor low at 85.4 levels. Though this is so far more like a rebound in a downtrend. ACWI ETF has many resistances ahead. There is no bottom reversal chart pattern on daily and weekly scale price charts. During a rebound, ACWI ETF can fill the gaps around 88 levels.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. The ETF is trying to recover above the minor low at 85.4 levels. Though this is so far more like a rebound in a downtrend. ACWI ETF has many resistances ahead. There is no bottom reversal chart pattern on daily and weekly scale price charts.
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Did we see the bottom in cryptocurrencies or is it just another bear market rebound that will be followed by another leg down? Several pairs experienced rebounds from their minor lows. In this update I'm featuring those that are forming rectangles or possible double bottom reversals. Please bear in mind that prices are clearly below their year-long averages and the trends are down. So any reversal pattern below the long-term averages will likely be choppy and might not produce a strong directional movement.
