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.
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The sharp correction in cryptocurrencies put more pressure on BTC than many other pairs. After a sell-off like this our attention should be on the price charts that managed to remain strong and close to their resistance levels. Usually those that hold well will be the ones to recover to new highs when momentum returns.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is in an uptrend. Failure to hold above 105.5 levels resulted in a failed breakout and is now pulling the price towards the long-term average at 100 levels. Another horizontal support is standing at 99 levels, making the range 99-100; the next possible strong support area. 105.5 becomes resistance again. So far, price action looks like a 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 in an uptrend. Failure to hold above 105.5 levels resulted in a failed breakout and is now pull the price towards the long-term average at 100 levels. Another horizontal support is standing at 99 levels, making the range 99-100 the next possible strong support area. 105.5 becomes resistance again.
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Some of the exciting chart patterns that have completed are cup & handle continuation on ETHUSD, H&S continuation on EGLDUSD and CHRUSD. I've added more exciting setups and also pairs that can outperform BTC in the following months.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is in an uptrend. There is no reversal chart pattern on the daily scale price chart. This week's price consolidated and remained above the short-term support level at 105.5. Breakout above 105.5 levels resumed the existing uptrend. Previous resistance becomes the new support at 105.5 levels. Long-term average is also acting as support at 99.7 levels. Failure to hold above 105.5 levels can result in a failed breakout and pull the price towards the long-term average.
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