$BTCDOM/USDT 4h (Binance Futures) Falling wedge on support
Bitcoin Dominance is looking locally bottomed here and another dead-cat bounce is likely.
High Time-Frame still looks bearish, but first we expect it to break out of the parallel channel retesting 50MA!
Then, if the wedge is broken as well it would probably go revisiting 200MA and descending TL.
Current Price= 966.7
Buy Entry = 968.7 - 955.5
Take Profit= 1008.0 | 1039.2 | 1091.9
Stop Loss= 1039.8
Risk/Reward= 1:1.25 | 1:2.1 | 1:3.53
Expected Profit= +23.85% | +40.05% | +67.45%
Possible Loss= -19.10%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 5x
Estimated Gain-time= 10 days
High Time-Frame still looks bearish, but first we expect it to break out of the parallel channel retesting 50MA!
Then, if the wedge is broken as well it would probably go revisiting 200MA and descending TL.
Current Price= 966.7
Buy Entry = 968.7 - 955.5
Take Profit= 1008.0 | 1039.2 | 1091.9
Stop Loss= 1039.8
Risk/Reward= 1:1.25 | 1:2.1 | 1:3.53
Expected Profit= +23.85% | +40.05% | +67.45%
Possible Loss= -19.10%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 5x
Estimated Gain-time= 10 days
Trade active
Both entries filledBitcoin Dominance is bouncing on wedge support so far and could break-out soon.
Note
Local bottom is in playBitcoin Dominance has successfully broken and retested the descending channel.
Now would be a good time to add to the position especially if you are over exposed in big ALTs vs BTC on Spot (or Margin)!
Trade closed: target reached
TP1 reached with +23.85% (5x) and +1.25RBitcoin Dominance pumped as expected and regained 50MA, confirming the wedge break-out.
Perfect way to hedge big ALTs against BTC using USDT, this index is surely something!
Note
Back above 50MABitcoin Dominance dipped down to demand zone without stopping us out then bounced back twice already.
100EMA is acting as strong resistance but we believe next attempt should be enough to break it!
Trade closed manually
Remaining position closed with -3.45% (5x) and -0.19RBitcoin Dominance tried but was not able to regain 100EMA then broke-down bearish after.
Too bad for that hedge, very good for Altcoins to keep shining, summer has not ended yet!
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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.
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.