Crypto Market Barometer released on advance-decline.net

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  Crypto Market Barometer released Today I published my simple but easy-to-read Crypto Market Barometer on our website https://www.advance-decline.net. Click here to get to the new Crypto Market Barometer. This is how the main chart looks like: What's behind the new Crypto Market Barometer We believe that one simple but effective method of gauging the health of a market is to look at how many of the most important individual assets trade above their important SMAs. Since SMAs are a proven way of determining the current trend, a market must be in an uptrend, if more than 50% of its biggest assets trade above their long-term SMAs. If they trade below their long-term SMAs, they must be in a downtrend. For the crypto market, I decided to check the popular BitPanda Crypto Index BCI10. It contains the 10 biggest crypto currencies by market capitalization, and frankly, by only looking at BitCoin, Ethereum, Polkadot and maybe Binance, we already have most of the market covered (again, in

BCI10 Crypto Index from BitPanda what's happening right now?

BitPandas BCI 10 Crypto Index: What's happening right now?

After a strong weekend for crypto, some major currencies seem to take a break from the rally. The BCI 10 Crypto Index represents 10 crypto currencies and might help us to understand: What's happening right now?

 

Before I start writing, let's look at the BCI10 Crypto Market Breadth data:

 

Source: https://www.advance-decline.net/crypto-indices/bci-10/


Dissecting the Crypto Market Breadth Data

Some would say crypto was overheated a bit after the last strong weekend. 

The McClellan Oscillator dances with its zero line, while the McClellan Summation Index seems to have created a top. Values for this indicator are very high, comparable to the golden times from the beginning of the year.

The percentage of BCI 10 members trading above their SMA 50 is very high.

The percentage of BCI 10 members trading above their SMA 100 is very high.

The percentage of BCI 10 members trading above their SMA 200 is continuously rising and at the moment clearly above the 50% level. So the current bullish trend is intact and the crypto market, being represented by the BitPanda BCI 10 crypto index, seems to be in the middle of an uptrend.

According to this data, it is likely that the biggest crypto currencies will loose momentum and consolidate before taking another attempt to reach old highs.



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