The Crypto Index has been trapped in an extended period of consolidation since late-April, as the broader cryptocurrency market struggles to find a meaningful trend.
Crypto Index analysis shows that bullish price patterns on the lower and higher time frames remain in play.
Crypto Index medium-term price trend
The Crypto Index has been struggling to find a meaningful price trend, as Bitcoin trades between the $9,000 and $10,000 levels.
Furthermore, most of the top altcoins have been trapped in an extremely tight trading range since April.
Crypto Index technical analysis over the medium-term shows that a bullish reversal pattern still remains in play.
The daily time continues to show that an inverted head-and-shoulders pattern with over 10,000 points of upside potential has formed.
Bulls need to stage a breakout above the 47,000 level in order to activate the bullish price pattern.
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The size of the pattern implies that the index could rally towards at least 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 43,500 level.
The one-hour time frame currently shows that a small inverted head-and-shoulders pattern has formed.
According to the size of the inverted head-and-shoulders pattern, the Crypto Index could rally towards the 48,000 level over the short-term.
Traders should note that if price rallies above the 47,000 resistance level then the larger bullish pattern will be activated on the higher time frame.
Crypto Index technical summary
Crypto Index technical analysis shows that a bullish price pattern remains in play across both the lower and higher time frames. The 57,000 level is seen as a likely upside target.