The NWST1100 index has risen 9.09% over the last week. “Santa Claus Rally” started on Tuesday. Ether (-10.18%) has declined the least during the previous thirty days.
*Below, we present a standardized weekly report and next week’s outlook, prepared based on Swingtum Theory of intelligent finance. We gauge the crypto market’s breadth and direction by showing charts 2100NEWS Digital Assets Total Index (NWST1100), which measures 1100 (by market capitalization) significant crypto assets’ performance. The information-laden chart is difficult to read initially, but the graph shows essential price information, crucial decisive price levels, momentum, trading volumes, and crypto market breadth.
The previous report showed that our assumption for the last week had been: “A move up from resistance represented by 143-days EMA was likely.” The NWST1100 chart shows the double bottom and a rebound to the Upper Channel and resistance represented by 25-days EMA. “Santa Claus Rally” started on Tuesday. Momentum indicators at the top show: PPO lines, RSI, and the PPO histogram. These indicators and the Breadth indicators at the bottom of the chart have risen.
The chart on the right shows The percentage of digital assets trading above a 50-days moving average breadth indicator: Two A50R lines are oversold. The graph tells us that the crypto markets have ended a trend down.
* The percentage of digital assets trading above a specific moving average is a breadth indicator that measures internal strength or weakness in the underlying index. The chart on the right side compares the percentage of DA trading above 50 days EMA for:
- 100 Large-caps members of NWSL100 (top box)
- 1100 members of NWST1100
- 100 Ethereum Tokens members of NWSET100
- 100 Coins members of NWSCo100 (bottom box)
Outlook for this week
The waves are at least partially predictable due to their quasi-periodic nature. The area plots the McClellan Summation Index, and that’s a long-term measure of market breadth. The rhythm of the waves indicates the start of the rising part of the wave. If we look ahead, the Momentum indicators give us the following signals: the RSI is 49; RSI, PPO lines, and PPO histogram may continue upward direction in the coming days, as the Breadth indicators at the bottom of the chart. My opinion is based on this setup: a continuation of the Santa Claus Rally is likely, and the target may be pivot P.
Performance of different groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index has risen 9.09% over the last week. The chart shows that Ether (-10.18%) has declined the least during the previous thirty days.
Crypto (Digital Assets) compared with global equity
The chart compares the performance of the average Digital Asset (Coins, Tokens) represented by our NWST1100 index with the average global share represented by the Dow Jones global W1Dow index. Their quotient hit a record high seven weeks ago; however, it is 22.3% lower now. The Percentage Change Marks on the chart show that NWST1100 outperformed W1Dow by 187% this year, while over the last 12 months, NWST1100 was 197% higher. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price and W1Dow price are above average, but the NWST1100 spot price is 18.7% higher than twelve months index average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment is recording 18.7% gains today.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.