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.
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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This is a quick update on the status of the major cryptocurrencies BTCUSD and ETHUSD. Both pairs have experienced major breakdowns. Question is: have we seen the bottoms on these two charts? I will issue a separate, detailed report on altcoins during the week.
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 failed to hold above 85.4 levels. The 200-day average is currently at 96.6 levels. Global equities are in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Too early to call for a bottom reversal at this point. 85.4 becomes the new resistance.
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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 failed to hold above 91.7 levels. The 200-day average is currently at 97.1 levels. Global equities are in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Too early to call for a bottom reversal at this point. Short-term support stands at 85.4 levels.
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Several altcoins have broken major support levels. In this update I feature those altcoins that still haven't met their chart pattern price targets. Also I discuss the current outlook for BTCUSD, ETHUSD and feature a breakout opportunity on TRXUSD.
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 hold above the minor low at 91.7 levels. The 200-day average is currently at 97.5 levels. Global equities are rebounding in a downtrend. There are strong resistances ahead. I continue to monitor the ETF for a reversal chart pattern. Upward momentum can push the ETF towards the long-term average. Too early to call for a bottom reversal at this point.
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