2100NEWS Crypto Market Breadth Survey

Market Breadth Indicators are powerful technical analysis tools that gauge the direction of the market and help traders determine if it’s bullish, bearish or neutral. They do so by analyzing the degree of participation in an advance or a decline to see whether or not an uptrend or downtrend is broad-based and therefore likely to continue. Breadth indicators offer a different perspective on the markets that can’t be seen through other indicators.

In a way they are indicators of market sentiment that allow traders to see how the market performs as a whole. Breadth indicators are often used in combination with other indicators to confirm trends. The most basic market breadth indicator is the Advance/Decline Line but there are several other popular breadth indicators such as the McClellan Summation Index, McClellan Summation Oscillator.

In the last weekly crypto report, I mentioned a Christmas rally. This week started with the strong up move. We show charts 2100NEWS Digital Assets Total Index (NWST1100) which represent top 1100 Digital Assets and 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) which represent 100 large-cap Digital Assets.

In the morning we were expecting a rally confirmation in a few hours (ADVL and McClellan Summation Index) and confirmation has occurred. RSI have made a big change and PPO histogram headed in positive. Target is 10% to 20% higher than now. I keep getting questions about if the long-term low is set, but my assumption is only a big correction upwards, a big bear shake out. I don’t need to, but even more, don’t want to bust my head about trying to know what the long-term low is. Impossible to know upfront!

 

 

The potential is a lot for this correction, but it will all depend on the strength of the bulls of course. OI on Bitmex is still high, bears just feel so comfortable in the current market. I think they might have become overconfident and don’t understand markets move in waves.

They provide the buying power if they get squeezed out by some big buyers.


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