RE: Stan Weinstein's Stage Analysis and Market Breadth - Technical Analysis
Crypto breadth
We've had storng positive moves with various cryptos. Bitcoin itself has had a stong positive move such that it is above its 150 day SME and that SME is essentially flat. I would expect, unless bitcoin crashes back, that that SMA will start to rise. The interesting thing thing is that for the past few months the cryptos I've seen have had surprisingly low volatility. The recent moves seem to break that trend.
My breath calculations are based on a small basket of cryptos. Points to note:
[1] There has been a contraction in bitcoin volume over the last couple of months.
[2, yellow] Advancing / Declining volume is rising and is at its highest since December 2021.
[6] 1% A/D has crossed the zero line in an upward direction.
[11, 12 & 13] The % stocks above their 20 and 50 day EMAs has jumped, 20 day is around the 90s, 50 day is above 50%. There is a slgiht twitch in the % above the 200 day, but it is quite low still.
[14 & 15] the silver and gold cross indicies have barely twitched, which is unsurpriring since they are comparing two averages each so will react more slowly.
[B, grey] My long term breadth score has reatched its zero line from below.
I'd expect the bitcoin price spike, and that from others to sell off a bit after such a stong spike. However, things are starting to look interesting, it will be interesting to see if a selloff makes a higher low when it pulls back.