Over the past week, the NWST1100 has been hovering near the upper Keltner Channels indicator’s line. The index has confronted key resistance-area and has struggled in clearing overhead resistance for the time being. NWST1100 surged by 5.89%. Last month crypto leadership was coming from Coins represented by index NWSCo100. 

*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. 

In the previous report, it was said that our assumption for the past week had been: it was likely, a rally could continue to and over resistance at 850 points. On the NWST1100 chart, we can see, the index price has been hovering near the upper Keltner Channels indicator’s line. NWST1100 has confronted key resistance-area and has struggled in clearing overhead resistance for the time being.

Looking ahead to the next week: The indicators give us the following signals: we can see that RSI is 57, PPO is sloping up, the brown PPO histogram bars are decreasing. That would be a sign of weaker upside momentum. The Breadth indicators are rising. This set up is the basis, in my opinion a move to resistance at 858 points is likely for the next week, a bullish reversal could be confirmed.

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

Looking at the table, you can see that the Total (NWST1100) index surged by 5.89% in the past week.

Digital Assets decoupling

The breakdown of the market into groups represented by 2100NEWS DA indexes enables us to measure decoupling much more accurately than can do others who do not have the tools in the form of a full range of indexes. We can see in the chart below, the NWS30 acted in a similar fashion as Bitcoin (correlation is extremely strong). If only the 30 largest capitalizations, which represent 90% of the crypto ecosystem are observing then the decoupling is not observed. It is also not seen at a time of growth when the tide is rising and crypto markets are correlating with leading Bitcoin. In a period of stagnation or falling, however, digital assets decoupling occurs, where it is primarily associated with uncorrelated movement relative to Bitcoin stand out Coins (NWSCo100), Large caps  (NWSL100), and Ethereum Tokens (NWSET100).

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 average crypto vs. W1Dow soared over 55% but over the past five months, we were observing a pullback. Two weeks ago NWST1100 vs. W1Dow rebounded, last week quotient has been ranging at the top half of the Bollinger Bands.

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