2100NEWS WEEKLY CRYPTO REPORT May-31




Over the past week, NWST1100 increased by 2.37%. During the first three days of the week, trading took place above the support that had held. In the last four days, the index experienced a rally. This year crypto investment represented by NWST1000 has outperformed W1Dow (global equity) by 48%.  

*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represents the top 1100 Digital Assets. The information-laden chart is difficult to read at first glance but the chart shows key price information, important decisive price levels, momentum, trading volumes, and crypto market breadth. 

The previous report showed, that our assumption for the last week had been: the trend was still sideways, but the continuation of the decline was more likely. The price of theNWST1100 index could fall further to 700. The forecast was not correct, as evidenced by the above NWST1100 chart, which shows that during the first three days of the week, bears controlled the index, but trading took place above the support that had held. In the last four days, the index experienced a rally, so we saw an upsurge, the price pulled back into the upper Keltner band. The RSI and PPO changed direction.

Outlook for this week

Looking ahead, the indicators are giving us the following signals: at the top, we see momentum indicators, the RSI is 65- bullish (can be overbought for days), the PPO histogram bars could continue sloping up in the coming days. The Breadth indicators may remain flat. This set up is the basis for my opinion: An upward movement in the larger sideways trend is more likely, the price could test the resistance R1 (+5%).

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

Looking at the table, you can see crypto markets continued a move up in the last week, the total (NWST1100) index increased by 2.37%.  Large caps index NWSL100 was the weakest.

Crypto (Digital Assets) compared with global equity

The chart below compares the performance of the average represented by our NWST1100 Digital Asset index with the average global share represented by the Dow Jones global W1Dow index. This year the NWST1100 outperformed W1Dow twice by 60%. The first wave up was an extended Christmas rally, then the pair suffered a collapse caused by the corona pandemic, and the crypto markets had fallen more than the equity markets and lost their advantage. Since  March 18th NWST1100 vs. W1Dow pair had rebounded and peaked a month ago. This year, crypto investments, represented by NWST1000 outperformed global equity by 48%. The box in the middle of the chart shows the original NWST1100 price, at the bottom of the chart is W1Dow. The blue curve is the average index price over the last twelve months. We can see that the NWST1100 price is above the average, while the W1Dow price is below the average.

 

 

 

 

 



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