Bullish for altsSeeing a, yet to be confirmed, 3Day bearish crossover on the BP&SP indicator, and nearly negative momentum for BTC dominance. Possible bull case for alts if dominance lingers here or keeps decreasing. Expecting a turn in BTC price as previously mentioned on or around the date of OCT 27, according to the descending triangle apex.
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Buyandsellpressure
LTC -- Buying pressure early warning signalThe buying pressure was broadcast well in advance as noted above with the buy pressure crossing over the sell pressure. For additional confirmation the DI crossed above a trend line of resistance well prior to this volatile move upwards. At the current level we are level with the linear regression trend line and could see some consolidation.
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SPX something to watchBuy pressure has been declining for some time, nearing a confluence with rising sell pressure, threatening with a possible crossover. Also seen in yr 2007 and 2000. With corporate buy-backs nearing a significant number of black out dates soon, the spx could see another correction?
BTC breakout explained -- TA perfectionNot only did the rounding bottom play out, there was also an ongoing ascending triangle with the prime breakout point on or around the day of April 01, indicated by the end of the yellow line, as this was the 61% point along the length of the triangle. Not only was the breakout perfectly timed, it also immediately reached the interpolated price target of $5027.
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BTC long term targets on breakoutProjected target 1 is the interpolated depth of the rounding bottom added above the top line resistance. Target 2 is the support turned resistance from 2018. Target 3, is longer term, indicated by the ending 2018 12 month vwap (red dots). You can also observe that the price fell to the prior 2017 12 month vwap (blue dots) following the run-up in 2017. Buy pressure is nearing a crossover on sell pressure, longer term it would also be massively bullish to a close above target 3, with the price also above the current 12 month vwap.
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Earnings ReportThe 200 MA is providing resistance and the 50 MA is providing support. This is most likely a flag pattern, and the ADX is about to go green so will most likely be bullish. But, since the earnings report is coming out today, I have chosen to create buy and sell orders.Also, due to past earning reports the volatility is very high so I expect the same to happen.