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,
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Ok, so the divergence turned out to be real, altcoin index on the move now looking to break above the downtrend corridor
Nice work here's mine on ETH
Your review will be highly appreciated.
FutureBlockchain
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@Cryptorphic, Sure thanks for that mate - I will look into your other ideas as well. I have commented on the ETH one btw, we are on the same page it seems
Cryptorphic
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@FutureBlockchain, Thank you so much that would be highly appreciated.
FutureBlockchain
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Ok, so the divergence turned out to be real, altcoin index on the move now looking to break above the downtrend corridor
Your review will be highly appreciated.