NEW YEAR’S GREETINGS
Dear Tech Charts members,
I would like to take this opportunity to express my appreciation for the past year, our communication, exchange of ideas, the growth and the knowledge gained from our experiences. My motivation with Tech Charts service continues to be adding value to your decision making and shorten your learning curve in classical charting and technical analysis. 2025 will have more interaction, be it through live Breakout Rooms or educational videos and interactive blog posts/learning materials. I hope to continue serving our members and look forward to growing together in the coming year. Wishing you a healthy and prosperous New Year.
Aksel Kibar, CMT
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GLOBAL EQUITY MARKETS – December 28, 2024
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is pulling back to strong support area between 114.39 and 116.7. The lower boundary of the upward sloping channel at 120 levels broke down with gap opening. While the uptrend is intact and the ETF is above the 200-day average, price action can remain weak and volatile in the short-term. Several technical support levels are overlapping between 114.39 and 116.7 area. One possibility is the developing and completion of the H&S top if the support area is broken down. So the pullback can be analyzed as a reversion to the mean (the 200-day average).
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CRYPTOCURRENCIES – December 22, 2024
BTCUSD cleared the horizontal resistance at 73.7K to new all-time highs. Clear breakout signal from the broadening pattern on weekly scale. Price is consolidating earlier gains. ETHUSD breaks the upper boundary of its short-term consolidation at 2,800 levels and pushes above the year-long average though still hasn't cleared the 4,000 levels. Read More
