Hello, Skyrexians!
As you remember we have the previous analysis on
BTC.D where we pointed out the target at 66% and the shakeout. But we were sure that it will happen in the upcoming week, but Dominance retraced again below 61% and current wave doesn't look like the wave 5. This move increased probability of more positive scenario for altcoins.
Let's take a look at 12h time frame. We can see that candles were able only to touch the 62.5% and then retested the recent low. It gives us an idea that the probability that this is wave 5 decreased. Here we have two scenarios. The first one is that we are in wave 4, which is more complicated that we supposed and candles will finally reach 66%.
But the second scenario now has even more than 50% probability. This pump could be already shortened wave 5. Unfortunately, Bullish/Bearish Reversal Bar Indicator [Skyrexio] can't catch such waves, but Awesome Oscillator tells us that wave 4 has been finished and we can see the divergence, which could already happened if dominance touch 66%. Now AO is reversing and this is the sign that this impulse to the upside will not continue. The clear breakdown of 60% will confirm this idea.
Best regards,
Skyrexio Team
___________________________________________________________
Please, boost this article and subscribe our page if you like analysis!
As you remember we have the previous analysis on
BTC.D where we pointed out the target at 66% and the shakeout. But we were sure that it will happen in the upcoming week, but Dominance retraced again below 61% and current wave doesn't look like the wave 5. This move increased probability of more positive scenario for altcoins.Let's take a look at 12h time frame. We can see that candles were able only to touch the 62.5% and then retested the recent low. It gives us an idea that the probability that this is wave 5 decreased. Here we have two scenarios. The first one is that we are in wave 4, which is more complicated that we supposed and candles will finally reach 66%.
But the second scenario now has even more than 50% probability. This pump could be already shortened wave 5. Unfortunately, Bullish/Bearish Reversal Bar Indicator [Skyrexio] can't catch such waves, but Awesome Oscillator tells us that wave 4 has been finished and we can see the divergence, which could already happened if dominance touch 66%. Now AO is reversing and this is the sign that this impulse to the upside will not continue. The clear breakdown of 60% will confirm this idea.
Best regards,
Skyrexio Team
___________________________________________________________
Please, boost this article and subscribe our page if you like analysis!
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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.