Quick look at the major altcoins index
Hi all,
The total altcoin market capitalization erased $4.6 billion of its value since Wednesday and is now at $83.8. In the meantime, all of the cryptocurrencies on our index ( Top 10 by market cap excluding BTC and USDT) registered losses for the 7-day period, except Tezos, which managed to gain 2.3 percent.
The rising wedge that was in the making since the May 10 drop resulted in a continuation of the general downtrend after hitting the longstanding horizontal resistance at $735 this Tuesday.
The major altcoins index could not move to pass the 100-day EMA and is now trading below all exponential averages used on our chart. It broke below the 50-day EMA yesterday for the first time in 30 days. During the last month, the price was using this indicator as dynamic support, and the loss of stability there is a little worrying.
What I will be looking for from here is temporary support around $666 (lol, I know), which has been an interesting level to watch in the last 2 months, supporting the short trends.
This should be followed by a bounce up to $735 hopefully. Let's not forget that level is also where the Fibonacci retracement 38.20 is situated, so it is an important part of the mid-term downtrend that started in February.
As always, we are using the altcoins index and its fluctuations, to better understand what the altcoins market is telling us, where we should open or close positions, be patient or pay attention, or just monitor the developments. So, let's just sit and watch how the current setup plays out when touching $666 and if we will be able to recapture the fast EMA.
Cheers
The total altcoin market capitalization erased $4.6 billion of its value since Wednesday and is now at $83.8. In the meantime, all of the cryptocurrencies on our index ( Top 10 by market cap excluding BTC and USDT) registered losses for the 7-day period, except Tezos, which managed to gain 2.3 percent.
The rising wedge that was in the making since the May 10 drop resulted in a continuation of the general downtrend after hitting the longstanding horizontal resistance at $735 this Tuesday.
The major altcoins index could not move to pass the 100-day EMA and is now trading below all exponential averages used on our chart. It broke below the 50-day EMA yesterday for the first time in 30 days. During the last month, the price was using this indicator as dynamic support, and the loss of stability there is a little worrying.
What I will be looking for from here is temporary support around $666 (lol, I know), which has been an interesting level to watch in the last 2 months, supporting the short trends.
This should be followed by a bounce up to $735 hopefully. Let's not forget that level is also where the Fibonacci retracement 38.20 is situated, so it is an important part of the mid-term downtrend that started in February.
As always, we are using the altcoins index and its fluctuations, to better understand what the altcoins market is telling us, where we should open or close positions, be patient or pay attention, or just monitor the developments. So, let's just sit and watch how the current setup plays out when touching $666 and if we will be able to recapture the fast EMA.
Cheers
