Bitcoin Dominance is on the verge of a massive move, we see two possible scenarios here:
1) Rejection on midline, leading to a rising wedge breakdown and losing 100MA (red) support
=> #AltSeason
2) Continuation, leading to a descending trendline breakout and regaining 100EMA (orange) resistance
=> #RektSeason
Current Value= 42.68%
Take Profit= 39.06% | 48.12%
Estimated Gain-time= 2 months
1) Rejection on midline, leading to a rising wedge breakdown and losing 100MA (red) support
=> #AltSeason
2) Continuation, leading to a descending trendline breakout and regaining 100EMA (orange) resistance
=> #RektSeason
Current Value= 42.68%
Take Profit= 39.06% | 48.12%
Estimated Gain-time= 2 months
Note
Rising wedge broke downBitcoin Dominance lost 100MA (2D) & 50MA (12h), this is surprising since market went down but Altcoin seem stronger than Bitcoin.
We may see an AltSeason after all, let's accept that scenario and short the Dominance then!
Trade active
Bitcoin Dominance went for full bearish retest of the wedge before being rejected again.AltSeason scenario is still in play as long as it stays below resistance, probably a good time to expose on a few Altcoin.
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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.