The NWST1100 index has soared 27.22% over the previous week. Bitcoin has led a solid crypto rally and shone brightly; Bitcoin has been the best-performing in the last thirty days (+11.57%).
*Below, we present a standardized weekly report and next week’s outlook, prepared based on the Theory Swingtum 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 last week’s assumption. “A move to resistance R1 was likely.” The assumption proved to be correct. The NWST1100 chart shows a solid Rally to resistance R1. Bitcoin has led the crypto markets and shone brightly in turmoil in the global banking sector as the alternative available to the legacy banking system. Momentum indicators at the top show: the RSI, the PPO lines, the PPO histogram, and the Breadth indicators (at the bottom of the chart). They have risen.
The chart on the right shows The percentage of digital assets trading above a 50-day moving average breadth indicator: All four A50R lines have risen; two are overbought; the bullish trend in crypto markets may continue.
* 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, a long-term measure of market breadth, suggesting that the bullish momentum may strengthen because of upslope McClellan Oscillator (bars above zero cause the Summation Index to rise). If we look ahead, the Momentum indicators give us the following signals in the coming days: RSI is 67 and overbought; RSI, PPO histogram, PPO lines, and Breadth indicators at the bottom of the first charts (NWST1100) may continue direction. We expect higher volatility before the FOMC meeting on 22nd March. The P&F chart on the left shows Bullish Price Objective at 3800 points (+29%). Based on this setup, A move to resistance R2 is likely because we are approaching the end of q1.
Performance of different groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index has soared 27.22% over the last week. In the chart below, we can see Bitcoin, Ether, and the 2100NEWS Indices, which measure the performance of Ethereum-based tokens (NWSET100), Large caps (NWSL100), and Coins (NWSCo100). Bitcoin has been the best-performing during the previous thirty days (+11.57%).
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 16 months ago. The Percentage Change Marks on the chart show that NWST1100 lagged behind W1Dow by 36.1% over the last 12 months, while this year, NWST1100 has been 52.7% higher. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price is the same as twelve months index’s average price.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.