I have noticed a period of technical consolidation, since June, MACD is near the Signal line and RSI floats up and down of the 50 line. Although markets are trading above the 200 day MA. Several markets exhibit this same pattern, including Bitcoin .
As for cryptocurrencies, most major crypto is trading above the 200 day MA but its in a period of consolidation as well right now and will be for a while until a firm breakout comes. Look for global sentiment change and institutional interest for the breakout. Otherwise trade the daily ranges.
As for the markets, S&P500 TSX DOW FTSE100 CAC40 DAX NIFTY50 KOSPI and Hang Seng all trading in a narrow range. Continuing economic uncertainty and continued presence of COVID-19 has left worldwide markets uncertain and waiting for something significant to activate change.
I have attached several technical charts to review and show the pattern of consolidation among worldwide markets.
Leave comments if you wish, let me know your opinions!
Thanks,
As for cryptocurrencies, most major crypto is trading above the 200 day MA but its in a period of consolidation as well right now and will be for a while until a firm breakout comes. Look for global sentiment change and institutional interest for the breakout. Otherwise trade the daily ranges.
As for the markets, S&P500 TSX DOW FTSE100 CAC40 DAX NIFTY50 KOSPI and Hang Seng all trading in a narrow range. Continuing economic uncertainty and continued presence of COVID-19 has left worldwide markets uncertain and waiting for something significant to activate change.
I have attached several technical charts to review and show the pattern of consolidation among worldwide markets.
Leave comments if you wish, let me know your opinions!
Thanks,
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