2100NEWS WEEKLY CRYPTO REPORT May-3




Over the past week, NWST1100 soared by 14.03%. We saw an overextended upsurge in a short time frame, price pulled off an incredible rally that has exceeded our expectations. This year crypto investment represented by NWST1000 has beaten W1Dow (global equity) by 52.50%.  

*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent the top 1100 Digital Assets. The chart overwhelmed with information is at first glance difficult to read but on the chart is the most important price information, important decisive price levels, momentum, volume of trading, and crypto market breadth. 

It was said in the previous report, that our assumption for the past week had been:  the continuation of weak growth was more likely. NWST1100 index price could continue sloping positively and could linger inside the upper Keltner band. Looking at the chart NWST1100 above we can see, price pulled off an incredible rally that appears to have exceeded our expectations. We saw an overextended upsurge in a short time frame. 143-days (working days) EMA (red curve) which was strong overhead resistance flipped to support. At the end of the week, the price pulled back into the upper Keltner band. Indicators: RSI, PPO,  and  PPO histogram bars changed direction. The breadth indicator stayed strong.

Outlook for this week

Looking ahead, the indicators give us the following signals: at the top, we can see momentum indicators, RSI is 65- bullish (can be overbought for days). Indicators: PPO and PPO histogram bars could continue sloping down in the next few days, so crypto markets will lose momentum. Technical indicators indicate the possibility of a short-term correction. The Breadth indicators could flatten out. This set up is the basis for my opinion: a move downward in the bigger in sideways trend is more likely, the price could test the support represented by 143-day EMA (working days).

Performance of different groups of Digital Assets (Coins and Tokens)

Looking at the table, you can see crypto markets experienced a huge rally in the last week. The total (NWST1100) index increased by 14.03% in the past week.  Bitcoin and Ether led the crypto markets higher, so NWSBE was the strongest index.

Crypto (Digital Assets) compared with global equity

On the chart below, the performance of the average Digital Aset represented by our NWST1100 index is compared with the average global equity represented by Dow Jones global index W1Dow.  This year the NWST1100 had beaten W1Dow by 60% in January then pair experienced pullback in collapse caused by corona pandemic, crypto markets had fallen more than equity and lost their advantage. Since  18th March NWST1100 vs. W1Dow pair has rebounded. This year crypto investment represented by NWST1000 has beaten global equity by 52.5%. In the middle of the chart is the original NWST1100 price, at the bottom of the chart is W1Dow. The blue curve is the average index price last twelve months. We can see that NWST1100 price is closer to the average than W1Dow.

 

 

 

 

 



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