BTC/USDT : Repetition and ALTs possible directions
Updated
BTCUSDTHello everyone 😃
Before we start to discuss, I would be glad if your share your opinion on this post and hit the like button if you enjoyed it !
BTC has followed the April's fractal as a repetition to break above the major resistance ( $50427.56 ).
Now it has reached another major resistance zone and most of the indicators are overheated, Also BTC's dominance is bouncing to %50's resistance zone.
So the most matched fractal repetition was happened on 2020's August !
As you can see they have all of the similar types :
- Golden cross
- Drop below the EMA50
- Ascending channel
- 1st liquidation event after the golden cross
There are the same information on both sides, Also on LTF ( 15 Minutes ) #BTC didn't retest the weekly high to gain more bullish volume, This will cause a massive drop after the breakout above the major resistances below ATH.
The 1st resistance zone is standing at ( $58000.01 - $59500.00 ). #BTC can bounce above the 58K after a engulf on it, But ATLs won't follow it and this will lead the market to crash again.
📊 Actually there will be a Bitcoin season with a correlation drop on BTC/ETH's chart.
Currently BTC/ETH's correlation rate is standing at 0.86, Recently it has reached the higher bullish trendline ( Which is controlling the movement from above ), Last time that Correlation movement reached this trendline it had 0.2 drop rate !
And now it's happened again, On current chart, There is a support located at 0.77 but if the pair rejects below it, It'll dive to lower support located at 0.66 rate; Which means that the new bullish cycle will be canceled for another year...
🔰 Let's also have a look on TOTAL2's chart :
There's a breakdown below the rising wedge, The target of the broken rising wedge will be at-least 12% drop and it means that the #TOTAL2 will be located on ~1.1Trillion level after few weeks !
This means that #ALTs will suffer badly if dominance continue to grow; Have to mention that Most of the people are holding cheap prices ALTs like #ADA to have more management on their positional trades.
- #ALTs drop will lead #BTC to crash cause most of the new investors will quit market because of low liquidity on #ALTs !
📚 Based on the repetition, The main retest zones will be ( $51828.00 - $50382.41 ) and ( $48495.00 - $47634.89 ); There's a same pattern on 3rd October's candle with 3rd August's candle.
There was a major pullback from 3rd August's candle which's mind me to set a retest point on the repetition.
Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Helical_Trades
Note
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