Bitcoin - Watch the symmetrical triangle
Good morning traders!
So far, so good.
Bitcoin is off to the races and filling out a symmetrical triangle.
It's currently right at resistance and potentially forming a bull flag.
The volume is low though and we are starting to see some bearish divergences on the hourly with the RSI and volume.
Look for a potential pull back to the lower end of the triangle.
So far, we've held the 38.2% fib level and have managed to hold the 200MA as mentioned in my first analysis.
$4400 target is still in sight, but watch for a break on the lower end of this support around $3980 (which also lined up with our big 23.6% fibonacci level.)
The thing you REALLY need to be paying attention to is altcoins!
If you saw my altcoin market cap vs bitcoin dominance chart, you'll know what I'm talking about.
As Bitcoin dominance falls, The altcoin market cap runs inverse to it.
We FINALLY saw a break in the altcoin market cap wedge as Bitcoin dominance continues to fall.
If we break the Bitcoin dominance wedge, it would be in your best interest to be in altcoins (most likely the oversold majors) and strong fundamental projects that got beaten up in price action in 2018.
Stock market on Monday... Crypto alts about to go crazy... who can relax and enjoy the holiday's?!
Leave a comment below and if you like my analysis, make sure you give this chart a like. (It's all that I ask.)
So far, so good.
Bitcoin is off to the races and filling out a symmetrical triangle.
It's currently right at resistance and potentially forming a bull flag.
The volume is low though and we are starting to see some bearish divergences on the hourly with the RSI and volume.
Look for a potential pull back to the lower end of the triangle.
So far, we've held the 38.2% fib level and have managed to hold the 200MA as mentioned in my first analysis.
$4400 target is still in sight, but watch for a break on the lower end of this support around $3980 (which also lined up with our big 23.6% fibonacci level.)
The thing you REALLY need to be paying attention to is altcoins!
If you saw my altcoin market cap vs bitcoin dominance chart, you'll know what I'm talking about.
As Bitcoin dominance falls, The altcoin market cap runs inverse to it.
We FINALLY saw a break in the altcoin market cap wedge as Bitcoin dominance continues to fall.
If we break the Bitcoin dominance wedge, it would be in your best interest to be in altcoins (most likely the oversold majors) and strong fundamental projects that got beaten up in price action in 2018.
Stock market on Monday... Crypto alts about to go crazy... who can relax and enjoy the holiday's?!
Leave a comment below and if you like my analysis, make sure you give this chart a like. (It's all that I ask.)
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