BTC dominance (Y20.P4.E4).MACRO.Bearish trend to continue
Updated
Hi All,
Looking at the daily, it seems the strong resistance (red line) is causing a hidden bearish divergence and hence forcing BTC dominance to decline.
It seems its in sync as the ALTs as many seem to have hit a bottom reversal pattern and as today, the Alts are on the rise.
Note how the EMA's acting as resistance layer.
This gives good weight to thinking BTC going slowly into a squeezing pattern before it breaks to the upside. Holding this level just under resistance.
Looking at the BTC chart below:
> Since price is not dropping below 10700 and its now past that wedge like pattern, I'm ruling this bearish tone out.
> The PHOEIX, both Red and Green RSI have pasted the 50% level, indicating upward pressure.
> Hence I am thinking that I was wrong at looking to buy at a potential drop to the 10200 level, and also now thinking the 9200 to 9800 is a no go and even the 10300 is unlikely at this point.
So no CME gap fill in the coming week\s at this point.
Bigger picture.
Please give me a like or tick for this post,
Regards,
S.SAri.
(ref. D.charts)
Since price is not dropping below 10700 and its now past that wedge like pattern, I'm ruling this bearish tone out.
The PHOEIX, both Red and Green RSI have pasted the 50% level, indicating upward pressure.
PREVIOUS POST BTC dominance chart
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Looking at the daily, it seems the strong resistance (red line) is causing a hidden bearish divergence and hence forcing BTC dominance to decline.
It seems its in sync as the ALTs as many seem to have hit a bottom reversal pattern and as today, the Alts are on the rise.
Note how the EMA's acting as resistance layer.
This gives good weight to thinking BTC going slowly into a squeezing pattern before it breaks to the upside. Holding this level just under resistance.
Looking at the BTC chart below:
> Since price is not dropping below 10700 and its now past that wedge like pattern, I'm ruling this bearish tone out.
> The PHOEIX, both Red and Green RSI have pasted the 50% level, indicating upward pressure.
> Hence I am thinking that I was wrong at looking to buy at a potential drop to the 10200 level, and also now thinking the 9200 to 9800 is a no go and even the 10300 is unlikely at this point.
So no CME gap fill in the coming week\s at this point.
Bigger picture.
Please give me a like or tick for this post,
Regards,
S.SAri.
(ref. D.charts)
Since price is not dropping below 10700 and its now past that wedge like pattern, I'm ruling this bearish tone out.
The PHOEIX, both Red and Green RSI have pasted the 50% level, indicating upward pressure.
PREVIOUS POST BTC dominance chart
================================================================
Note
A fake out. So my original idea was correct.Trade active
with the latest developments, BTC dominance looks like its going to break this resistance, and since BTC dom. is going up via price drop, this will mean we are headed for further drops.Note
didn't expect this...some Alts must have dumped hard.
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This community has signals now but with no risk management comms.
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