$BTCDOM/USDT 30m (Binance Futures) Ascending channel breakdown
Updated
#BitcoinDominance broke-down locally and is likely to retrace in the coming days.
50MA seems to be acting as resistance now, that would be a good thing for altcoins relief!
Current Price= 1113.8
Sell Entry = 1116.2 - 1128.8
Take Profit= 1073.0 | 1025.2 | 992.5
Stop Loss= 1162.2
Risk/Reward= 1:1.25 | 1:2.45 | 1:3.27
Expected Profit= +17.64% | +34.68% | +46.32%
Possible Loss= -14.16%
Fib. Retracement= 0.382 | 0.618 | 0.786
Margin Leverage= 4x
Estimated Gain-time= 5 days
50MA seems to be acting as resistance now, that would be a good thing for altcoins relief!
Current Price= 1113.8
Sell Entry = 1116.2 - 1128.8
Take Profit= 1073.0 | 1025.2 | 992.5
Stop Loss= 1162.2
Risk/Reward= 1:1.25 | 1:2.45 | 1:3.27
Expected Profit= +17.64% | +34.68% | +46.32%
Possible Loss= -14.16%
Fib. Retracement= 0.382 | 0.618 | 0.786
Margin Leverage= 4x
Estimated Gain-time= 5 days
Note
Up to +10.68% (4x) profitBitcoin Dominance got rejected perfectly on 50MA, but entry missed by 0.2$ unfortunately.
Congrats if you entered manually, if not we may be filled on a wick up later!
Trade closed: target reached
TP1 would have been reached with up to +20.92% (4x)BitcoinDominance kept retracing down, 50MA still acting as resistance so far!
Note
More information about Bitcoin Dominance indexThis reflects the market dominance performance of Bitcoin.
It is a metric that traders can use to quickly get a sense of Bitcoin's value relative to that of the broader cryptocurrency market.
Unlike the real Bitcoin market dominance indicator, which is capped within 0~100%, the BTCDOM index is uncapped and more suitable for derivatives trading.
It is calculated with Bitcoin price denominated in the constituent cryptocurrency, e.g. BTC/ETH, BTC/BNB, BTC/ADA, etc.
binance.com/en/support/faq/e3b1ab97a3e24df4b0e41a469ccf7a21
Note
Further details about Bitcoin Dominance indexWhen Altcoins gain market share relative to Bitcoin, the BTCDOM index loses value.
Conversely, when
BTC gains market share relative to Altcoins, it will gain value. In certain conditions, if Bitcoin falls in price, but the rest of the cryptocurrency market falls at a similar rate, then Dominance is likely to remain the same.
The universe includes the top 20 cryptocurrencies by market capitalization listed on Binance excluding Bitcoin and stable coins:
Ethereum (
ETH) leading the pack obviously with around 46%, then BinanceCoin (
BNB) ~9% and #Cardano (
ADA) ~8%, full list attached!Trade active
All entries filledBitcoinDominance went back up and we got in this time, let's see if we can reach first target again.
Trade closed: target reached
TP1 reached with +17.64% (4x) and +1.25RBitcoin Dominance kept retracing down again and Altcoins recovering nicely!
Trade closed: target reached
TP2 reached with +34.68% (4x) and +3.27RBitcoinDominance diving a bit more, feels great to finally be able to trade that index and nail it! 😊
Trade closed: target reached
TP3 reached with +46.32% (4x) and +3.27RBitcoin Dominance finally went down for it, all targets achieved and great profit made!
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