The Crypto Index has started to stage a strong recovery as many top altcoins start to breakout to the upside.
Crypto Index analysis shows that a powerful breakout towards the 57,000 resistance level is on the horizon.
Crypto Index medium-term price trend
The Crypto Index has received a major boost as Ethereum and a host of other coins begin to break to the upside.
If Bitcoin can break above the $10,000 level this week, then an even stronger directional move in the index could take place.
Crypto Index technical analysis over the medium-term shows that a bullish reversal pattern is starting to take shape.
The daily time shows that an inverted head and shoulders pattern will form, with over 10,000 points of upside potential, if the index reaches the 47,000 level.
The size of the pattern indicates that the index could rally towards the 57,000 level over the medium-term.
Crypto Index short-term price trend
Crypto Index analysis highlights that the index has a bullish short-term trading bias while the price trades above the 42,500 level.
The one-hour time frame currently shows that a bearish head and shoulders pattern has been invalidated during last week’s rally.
According to the size of the invalidated head and shoulders pattern, the Crypto Index could advance towards the 50,000 level over the short-term.
Traders should note that the 44,500 and 43,000 levels currently offer the strongest form of short-term technical support.
Crypto Index technical summary
Crypto Index technical analysis shows that the index is appearing increasingly bullish. A rally towards the 57,000 level could take place over the medium-term.
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