BTCUSD is trying to hold support at 41K. Failure to gain strength can result in some selling pressure in several other pairs. In this report I discussed two of my favorite, text-book descending triangle setups as well as some range-trading opportunities with bullish breakout setups.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is in an uptrend. The ETF found resistance at the minor high at 107.5. Price is consolidating between the 200-day average at 101.2 and the resistance at 107.5 levels. There is no top reversal chart pattern on both daily and weekly scale price charts.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is in an uptrend. The ETF found resistance at the minor high at 107.5. Price is pulling back to the 200-day average at 101 levels Strong support area remains between 99 and 101. Resistance is at 107.5. No reversal chart pattern on both daily and weekly scale price charts.
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Several pairs are showing signs of outperformance against BTC. Following charts are some that can complete well-defined consolidations and offer directional movement. The first chart is against USD and one of my favorite setup. Breakout from the text-book rectangle can offer significant upside potential.
Dear Tech Charts Members,
Another year is behind us. I want to take this opportunity to Thank you all for being part of Tech Charts community. As I shared knowledge with our members, I have learned a lot form our communications. It is definitely not a one way journey. Give and take... Like in every other part of life. Constructing ideas, putting them to test, being responsible to communicate them clearly, keeping track of statistics, getting feedback from many of you has added tremendous value over the past 5 years. I'm grateful for having you as members and part of our community. I look forward to serving you in the New Year with great chart pattern ideas, educational videos and with many more new interactive communications.
I wish you all a healthy and successful New Year.
Regards, Aksel Kibar, CMTThe benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is in an uptrend. The ETF pulled back towards the long-term average at 100.8 levels and rebounded. Strong support area remains between 99 and 100.8. On the weekly scale price chart, the upper boundary of the trend channel formed support around the same level with the 200-day average. Breakdown below the long-term average can change the outlook to negative on ACWI ETF. Previous minor high at 107.5 will act as resistance in the following days.
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Several cryptocurrency pairs came under pressure. Below charts are covering those that have well-defined consolidation ranges and candidates for rebounds from lower boundaries as well as those that can breakout to new highs.
Dear Tech Charts Members,
We are continuing our Member webinar series with chart pattern reliability and how the latest market conditions have impacted success rates on different chart patterns.
Scheduled for: Thursday, December 16, 8:30 am mountain (register below)
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