BTC.Dominance (Y21.P1.E2).MACRO.Deeper correction coming.
Updated
Hi Traders,
Bit of a worry with this current levels. I see many Alts making top structure formations with the likelyhood of a deeper correction with BTC dominance chart likely to confirm a bigger move.
I feel BTC is going to drop more than what it did today which will force Alts to drop more and hence BTC dominance to go up.
I hope I'm wrong but if BTC doesn't hold 56k, its going to open the door to this fact and at this point, I have 52k as the target.
Note, on the daily for BTC we have a bearish div. and a bullish div. for btc dominance.
Many of the ALTs have bearish div. as well.
PS. I'm not saying this is the top for the bull run, far from it, just saying a deeper correction is likely at this point as I see rejection at many levels for ALTS now.
All the best,
S.SAri
BTC dominance chart.
Observe ETH, LTC, BTC, ADA, DOT
ETH
LTC
BTC
ADA
Bit of a worry with this current levels. I see many Alts making top structure formations with the likelyhood of a deeper correction with BTC dominance chart likely to confirm a bigger move.
I feel BTC is going to drop more than what it did today which will force Alts to drop more and hence BTC dominance to go up.
I hope I'm wrong but if BTC doesn't hold 56k, its going to open the door to this fact and at this point, I have 52k as the target.
Note, on the daily for BTC we have a bearish div. and a bullish div. for btc dominance.
Many of the ALTs have bearish div. as well.
PS. I'm not saying this is the top for the bull run, far from it, just saying a deeper correction is likely at this point as I see rejection at many levels for ALTS now.
All the best,
S.SAri
BTC dominance chart.
Observe ETH, LTC, BTC, ADA, DOT
ETH
LTC
BTC
ADA
Comment
DOT, 1/2 Diamond or Pyramid top, bearish structure and broke the necklineComment
Comment
That little bee's d_ck cost BTC more than 10k or 20% drop and worse for the alts.Comment
no surprise that eth found support at the 0.618 level and bounced back into the channel, which is a sign of strength.BTC dropped to the previous strong resistance level to find support and wicked back up above the channel line and previous bullflag resistance (blue line).
It seems this was a whale move to liquidate many positions as the wick is evidence that this was a manipulation at the 52k level, If the 4 hrly candle closes above the channel or blue line, daily resistance, then this is a bullish return with no doubt.
Comment
Comment
initial target hit and it coincides with the 4 hr rsi bottom
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