In my last post on bitcoin dominance I noted that for the first time in a year and a half we had broken our wedge to the downside. This was hugely bullish for altcoins and indeed, we saw some massive pumps occurring in the space. But I also cautioned that we could reverse and head back up to retest the underside of our wedge. This is a classic technical move. I call it "Kiss Mamma Good-bye" as price always seems to like to come back one more sentimental time to an area of supreme significance before moving on. This retest would then cause alts to drop significantly, liquidating many. And we saw this occur this past week. So, can we consider this our retest? I know we didn't touch the underside of our wedge completely but bulls are in a hurry here. They want one last good pump before Christmas. And if my chart is correct, I think we'll get that.
✌️ Stew
✌️ Stew
Note
So, we have our answer. That wasn't actually the true retest. This is. See how perfect!
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Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.