Cyrpto Market About To Bullcross: 50 & 100 Week MA
Updated
Similar to Altcoin dominance looking bullish, the crypto market total capitalization is close to it's two year long resistance downtrend line, with a 50 & 100 Week MA bull-cross anticipated in a week or two, as well as on a Green 3 TD Sequential. I'm skeptical this can be broken this week, but if there is continuing rising volume, it's becomes trade worthy (2.1 reward/risk).
A close above the resistance trend-line, with the Green 3 above the Green 2 would be a case for a move to the previous swing high around 332B. Breaking below 210B would likely lead to a fall to the recently created support trend-line at 200B. CMF is positive and rising, MACD is bull-crossing this week, waiting for RSI to break above resistance level around 55 and into bullish territory >60.
Altcoin Dominance Eyeing Up A Breakout to 40% (January 2020)
Altcoin Speculation Coming Soon... (October 2019)
Altcoin Dominance Bouncing From 0.382 Fib Retracement (September 2019)
A close above the resistance trend-line, with the Green 3 above the Green 2 would be a case for a move to the previous swing high around 332B. Breaking below 210B would likely lead to a fall to the recently created support trend-line at 200B. CMF is positive and rising, MACD is bull-crossing this week, waiting for RSI to break above resistance level around 55 and into bullish territory >60.
Altcoin Dominance Eyeing Up A Breakout to 40% (January 2020)
Altcoin Speculation Coming Soon... (October 2019)
Altcoin Dominance Bouncing From 0.382 Fib Retracement (September 2019)
Note
As a recent reminder, Bitcoin's 50 & 100 Week MA bull-cross was confirmed on December 16th at $7112 before rallying 28%.Note
For more info on this TI Sequential indicator, see here:tonevays.com/indicator
Trade active
While there is still a high probablity of a pull-back, there is also a high probability of further upside before this pullback that could lead to much higher highs than the anticipated lows.Therefore, on a reward/risk basis of 2:1 and given the Weekly MA support nearby, trades were activated. I now believe the crypto market to of broken out of it's 2 year-long downtrend.
Related publications
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.