2100NEWS WEEKLY CRYPTO REPORT Feb-23




Over the past week, NWST1100 dropped by 9.49%. The index is stuck within a range where price 900 is the support and 1,000 is the resistance. The chart shows a downwards structure in the sideways trend where the price was searching for support levels.

*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, for the past week our assumption had been: the sideways trend was more likely, the market could linger between 900 and 1,000 points. Looking at the chart NWST1100 above we can see, the price is stuck within a range where price 900 is the support and 1,000 is the resistance. The chart shows a downwards structure in the sideways trend where the price was searching for support levels before continuation is sustained. After two months PPO started sloping negatively. The Breadth indicators changed the slope.

Outlook for this week

Looking ahead, the indicators give us the following signals: at the top, we can see momentum indicators, RSI is 53 – neutral, PPO and PPO histogram bars could continue sloping negatively in the next few days. PPO histogram and RSI show us the most important thing – momentum rhythm. The Breadth indicators could slope down. This set up is the basis for my opinion: the sideways trend is more likely, the market could linger between 25-days EMA and 1,000 points. In the bearish scenario: NWST1100 could test the support near 830 points (-8%).

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

This year, NWSCo100 was undergoing some really massive bullish action and its price was making large price leaps. Looking at the table, you can see the coins measured by 2100NEWS DA Coin Index (NWSCo100) were the best performing digital assets in the last two months, but last week we experienced a strong pullback (-17.7%). By investing long in crypto you have most likely made money in the last three months. The total (NWST1100) index dropped by 9.49% in the past week.

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. In the second half of the last year, crypto has fallen over 50% vs. global equity, but this year crypto is an excellent investment. Last month NWST1100 vs. W1Dow rebounded. The pair experienced consolidation last week (-10%), average crypto vs. W1Dow has soared by 44% on the year.

 

 

 

 

 



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