CRYPTOCURRENCIES – August 6, 2023
BTC and ETH are holding to their earlier gains. Directional moves can start soon as the volatility both on daily and weekly scales drop to low levels. Usually low volatility conditions are followed by high volatility and vice versa.
GLOBAL EQUITY MARKETS – August 5, 2023
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) broke out of its multi-month long consolidation. In its uptrend the ETF formed several bullish continuation chart patterns with the latest one being the short-term bullish pennant. ACWI ETF is possibly pulling back to the broken short-term consolidation and toward the upward sloping trend line which is forming support at 96 levels. The uptrend is intact and strong support area remains between 93.3 and 96 levels. Chart pattern price targets for cup & handle and the larger scale H&S bottom reversal stand at 101 and 109 levels.
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GLOBAL EQUITY MARKETS – July 29, 2023
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) broke out of its multi-month long consolidation. Breakout above 93.3 levels is very positive for Global equities. The ETF possibly completed two chart patterns at the same time, increasing conviction in the recent breakout. Cup with handle price target stands at 101 levels. Uptrend is intact with higher highs and higher lows. During any pullback strong support area remains between 93.3 and 96 levels.
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