BTC dominance (Y20.P4.E7).Classic formation
Updated
Hi All,
BTC dominance has a beautiful bullish continuation formation at the macro level.
As stated in my previous posts, I had this upper trend.line as a resistance with a slight moderate pullback which we will assume BTC consolidates for another high or drop, meanwhile giving the ALTs a bounce (this point I have highlighted a few times in many posts).
Looking at the chart, we had a cup formation along with confluences with established resistance and fib levels.
Hence using this method, we can say that the fib levels will act as points of pivot, where Alts will hit resistance levels and support, depending on the alts.
We can also implement indicators like the ones I have plus moving averages to add as extra components to validate our thoughts.
> On the EMAs on the daily, we have all the lower ema, crossing over the 200 EMA, chart below. Bullish sign.
WEEKLY Chart:
Lets play it smart as many of the ALTs have not confirmed change in trend but only a few. Eg ETH.
Cheers,
S.Sari
EMA on the daily
EMA on the weekly (green=21 red=50, blue=100 ema)
Weekly indicators still have upward pressure.
ETH looking good for the long term.
BTC dominance has a beautiful bullish continuation formation at the macro level.
As stated in my previous posts, I had this upper trend.line as a resistance with a slight moderate pullback which we will assume BTC consolidates for another high or drop, meanwhile giving the ALTs a bounce (this point I have highlighted a few times in many posts).
Looking at the chart, we had a cup formation along with confluences with established resistance and fib levels.
Hence using this method, we can say that the fib levels will act as points of pivot, where Alts will hit resistance levels and support, depending on the alts.
We can also implement indicators like the ones I have plus moving averages to add as extra components to validate our thoughts.
> On the EMAs on the daily, we have all the lower ema, crossing over the 200 EMA, chart below. Bullish sign.
WEEKLY Chart:
Lets play it smart as many of the ALTs have not confirmed change in trend but only a few. Eg ETH.
Cheers,
S.Sari
EMA on the daily
EMA on the weekly (green=21 red=50, blue=100 ema)
Weekly indicators still have upward pressure.
ETH looking good for the long term.
Comment
Updating my thoughts> 200 Weekly EMA as resistance or 0.382 fib level as we still have upward pressure.
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This community has signals now but with no risk management comms.
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