US Wall Street 30 (US30USD) Is in a Bearish Double Top, Resumes Downtrend

Key Resistance Zones: 34000, 34500, 35000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is in a uptrend. Since May 10 the uptrend has been interrupted as the index resumed its downward move. After the first resistance, the altcoin dropped to level 33400 but price corrected upward. Today, the index is retracing on the downside. On May 12 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will decline to level 2.0 Fibonacci extension or level 31981.0

Daily Chart Indicators Reading:
US Wall Street 30 has fallen to level 47 of the Relative Strength Index period 14. It indicates that the US30USD is in the downtrend zone and below the centerline 50. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.


US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward move. It rose and retested level 34800 before resuming downward. The price has broken below the moving averages which suggest a further downward movement of the index.

4-hour Chart Indicators Reading
US30USD is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in a downward move. The earlier uptrend has been terminated as the index resumed its downward move. According to the Fibonacci tool, US30USD will decline to level 2.0 Fibonacci extension or level 31981.0.


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