BTC.Dominance (Y20.P4.E8).MACRO.Still Bullish
Updated
Hi,
Looking at the current chart and indicators, we have the following observations for a bullish case:
> Daily chart has the upward trend along with the EMAs of 10, 20 (red, green) until these 2 are broken as support, we will continue to have stronger performance with BTC;
> Note the fib level we got a bounce or support;
> The daily candle sticks for the past 4 days shows wicks on the bottom, demonstrating BTC dominance upward pressure;
> Note the RSI daily support trend line, until this is broken, we will maintain upward pressure. As you can see, we are getting support as per the upward trend, which equates to the 10 daily EMA;
> The Phoeix indicator also showing upward pressure, note the hidden bullish divergence on it (grey section);
> We can also see that a 123 impulse is in progress at the micro level;
> It would not surprise me if we do a double top before the RSI is over extended and a bearish divergence appears;
Hence I have been patient, cross correlating the BTC price action and its resistance points or sideways action against the bounces of the ALTs like yesterday which are short lived.
They are just quick opportunities and until we see a change in BTC dominance, do not go long in the ALTs bounces, get in and out.
When is a good time to flip from BTC to ALTs, I will cover that in my next post, but the basic rule, use the fib levels on this chart for an expected bounce.
On the news, we have some significant announcements like JDMorgan (says institutions prefer bitcoin over gold), Swipe (with Binance) and China Construction Bank (CCB) World’s Second-Biggest Bank to Issue 33B in Bonds Tradable for Bitcoin.
Who knows what next year brings.
All the best.
S.SAri
The 12 HRLY chart, shows the weakening of the BTC dominance based on the EMA, touching the 20. As I stated, if this breaks, we will visit the next fib level.
Looking at the current chart and indicators, we have the following observations for a bullish case:
> Daily chart has the upward trend along with the EMAs of 10, 20 (red, green) until these 2 are broken as support, we will continue to have stronger performance with BTC;
> Note the fib level we got a bounce or support;
> The daily candle sticks for the past 4 days shows wicks on the bottom, demonstrating BTC dominance upward pressure;
> Note the RSI daily support trend line, until this is broken, we will maintain upward pressure. As you can see, we are getting support as per the upward trend, which equates to the 10 daily EMA;
> The Phoeix indicator also showing upward pressure, note the hidden bullish divergence on it (grey section);
> We can also see that a 123 impulse is in progress at the micro level;
> It would not surprise me if we do a double top before the RSI is over extended and a bearish divergence appears;
Hence I have been patient, cross correlating the BTC price action and its resistance points or sideways action against the bounces of the ALTs like yesterday which are short lived.
They are just quick opportunities and until we see a change in BTC dominance, do not go long in the ALTs bounces, get in and out.
When is a good time to flip from BTC to ALTs, I will cover that in my next post, but the basic rule, use the fib levels on this chart for an expected bounce.
On the news, we have some significant announcements like JDMorgan (says institutions prefer bitcoin over gold), Swipe (with Binance) and China Construction Bank (CCB) World’s Second-Biggest Bank to Issue 33B in Bonds Tradable for Bitcoin.
Who knows what next year brings.
All the best.
S.SAri
The 12 HRLY chart, shows the weakening of the BTC dominance based on the EMA, touching the 20. As I stated, if this breaks, we will visit the next fib level.
Note
Like I said, if the trend breaks, then its getting close to the time to flip on the 4 hrly time frame.Its clear, from the last ALT season, when BTC hit a major resistance, it went sideways for about a month and the ALTs went up, until BTC weakened from it and dropped. 16500 is such a level and it might play out the same and I think its likely.
Questions is, how long will it go for?
On the 4 hrly it started and we can soon potentially a lower low on the 8 hrly. For me that is 1 of the items that tick the check list. But not enough, until I see the daily chart break trend next.
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This community has signals now but with no risk management comms.
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