Major Altcoins Index update
Hi guys,
As commented on Tuesday
the Major Altcoins index found support where the 26-day and the 50-day EMAs met around $630.
Yesterday, the consolidated price added 6 percent and moved up to $670, just a step away from returning back into the uptrend channel. It looks like though it now acts as a diagonal resistance in combination with the 200-day EMA, which forced back down the price today to around $660 as of the time of writing.
What we saw in the last three days is the formation of a morning star pattern on the daily chart which is quite bullish if real one.
On 1h-chart we are in a downtrend channel since April 8, but if broken up will allow us to reach the above-mentioned targets easily. I also think there might be signs of bullish divergence there...
Targets remain the same: break above 200-day EMA and return back to the uptrend corridor then the major resistance at $735, which unfortunately coincides with the 38.20 Fibbonaci downtrend retracement level.
Down we see $610 as next stop with the short-term EMAs in bear's way.
Cheers,
As commented on Tuesday
Yesterday, the consolidated price added 6 percent and moved up to $670, just a step away from returning back into the uptrend channel. It looks like though it now acts as a diagonal resistance in combination with the 200-day EMA, which forced back down the price today to around $660 as of the time of writing.
What we saw in the last three days is the formation of a morning star pattern on the daily chart which is quite bullish if real one.
On 1h-chart we are in a downtrend channel since April 8, but if broken up will allow us to reach the above-mentioned targets easily. I also think there might be signs of bullish divergence there...
Targets remain the same: break above 200-day EMA and return back to the uptrend corridor then the major resistance at $735, which unfortunately coincides with the 38.20 Fibbonaci downtrend retracement level.
Down we see $610 as next stop with the short-term EMAs in bear's way.
Cheers,
Commento:
Ok, so the divergence turned out to be real, altcoin index on the move now looking to break above the downtrend corridor
