BTCUSD clears resistance at 82.8K, though price action so far has been hesitant to resume higher. Pull back can still be a hard re-test of the pattern boundary. ETH/BTC shows signs of strength by completing a short-term bottom reversal. Breakout from the channel favors ETH over BTC in the short-term.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading above its 200-day average at 152.85 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 152.85-156.6 area acts as support. Breakdown below 156.6 levels can test the long-term average at 152.85 levels. Price action can still be analyzed as reversion to the mean.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 152.58 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-156.6 area becomes the new short-term support. Earlier I analyzed the last 2 months consolidation as a possible H&S continuation with the horizontal neckline acting as resistance at 162.5 levels. This week’s weakness negated that pattern. Given that price is still above its year-long average, I’m weighing the possibility of a sideways rectangle chart pattern between 156.6 and 162.5 levels. Breakdown below 156.6 levels can test the long-term average at 152.58 levels.
BTCUSD clears resistance at 82.8K, though price action so far has been hesitant to resume higher. This is a concer for the quality of the breakout. ETH/BTC shows signs of strength by completing a short-term bottom reversal. Breakout from the channel favors ETH over BTC in the short-term.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 152.23 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-158.5 area becomes the new short-term support. Last 2 months consolidation can act as a H&S continuation with the horizontal neckline acting as resistance at 162.6 levels. Breakout from the H&S continuation can resume the uptrend towards the initial price objective at 166 levels.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 151.78 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-158.5 area becomes the new short-term support. Price continues to remain inside the channel. Breakout from the channel can offer a directional move.
BTCUSD clears resistance at 82.8K. ETH/BTC shows signs of strength by completing a short-term bottom reversal. Breakout from the channel favors ETH over BTC in the short-term.
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is trading well above its 200-day average at 151.4 levels. Breakout above 158.5 levels is resuming the uptrend above the long-term average. The benchmark possibly completed a H&S failure with the breach of the highest level for the right shoulder. Price target for the H&S top failure stands at 166 levels. 160-158.5 area becomes the new short-term support. Price continues to remain inside the channel.
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