In last week’s Study I suggested, “There is little question in my technical opinion, that price resistance at the 19,860 level will be fully challenged”. Well, it was, but that price resistance capped the rally. On Wednesday of last week, support at the Lower Parallel (solid violet line) of the Schiff Modified Pitchfork (violet P1 through P3) was violated and on Friday the index failed to hold support at the Kijun Plot (solid green line) and closed for, all intents and purposes, right on support at the Lower Warning Line (violet dashed line) of the Pitchfork. MACD has rolled over through its signal line and the spread between the two is widening although it remains in positive territory. The shorter-term Stochastic Momentum Index is falling at an accelerated pace below its signal line. Fair warning that a more protracted decline could unfold was given when the new daily closing high in the index a week ago last Thursday, was met with a lower low in Sweet Sixteen Daily Momentum / Breath Oscillator. The only singular positive technical feature is that the Oscillator is in oversold territory but that’s not much for on the bulls to hang their hat on. Keep your powder dry, the 16,300 level must hold if the current leg lower continues to accelerate. All the charts are courtesy of Optuma whose charting software enables users to visualize any data such as my Objective Technical Rankings. Cryptocurrency price data is courtesy of Kraken.An in-depth comprehensive lesson on Pitchforks and analysis as well as a basic tutorial on the Tools of Technical Analysis is available on my website… To receive the entire weekly Market’s Compass Crypto Sweet Sixteen Study’s sent directly to your email, upgrade and become a paid subscriber at…
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Sunday, June 1, 2025
Excerpt from Today's Market’s Compass Crypto Sweet Sixteen Study
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