BTC dominance (Y20.P5.E2).Big move coming
Updated
Hi All,
We are coming to an area with many reasons for a bounce, if not a reversal (not yet as downward pressure on the daily is still there).
I see many posting that suggest that this formation is bearish, but I see it a big continuation pattern based on corrective waves.
I have the ABCDE count and E being in the range between 0.382 to 0.618 fib level (orange box area).
If it is to go below this, then I got my count incorrect.
Here is the 2 scenarios:
1) Alts keep rising and hit their target, whereby BTC drops hard towards $14 to 16K.
2) Alts keep rising and hit their target, whereby BTC breaks the $18740 resistance and makes another big pump.
The last time the ALTS hit their peak and target, BTC was in a ranging price where it eventually dropped nearly 2K, from 12.5K to $9800.
My guess, the funds were taken away from BTC and into the ALTs.
Which scenario would you favour based on what you see?
If BTC remains above 18740 for over 4 to 8 hrs, then I would lean towards an upward break.
A daily candle closing above this price will seal it I think.
If BTC drops below 18250, it opens the door to the downward trajectory.
I would be cautious at these times.
NOTE: When bitcoin found its bottom and started moving up, LINK and many of the alts kept dropping.
All the best,
Regards,
S.Sari
Look at the daily MACD
Left Link, Right BTC:
NOTE: When bitcoin found its bottom and started moving up, LINK and many of the alts kept dropping.
We are coming to an area with many reasons for a bounce, if not a reversal (not yet as downward pressure on the daily is still there).
I see many posting that suggest that this formation is bearish, but I see it a big continuation pattern based on corrective waves.
I have the ABCDE count and E being in the range between 0.382 to 0.618 fib level (orange box area).
If it is to go below this, then I got my count incorrect.
Here is the 2 scenarios:
1) Alts keep rising and hit their target, whereby BTC drops hard towards $14 to 16K.
2) Alts keep rising and hit their target, whereby BTC breaks the $18740 resistance and makes another big pump.
The last time the ALTS hit their peak and target, BTC was in a ranging price where it eventually dropped nearly 2K, from 12.5K to $9800.
My guess, the funds were taken away from BTC and into the ALTs.
Which scenario would you favour based on what you see?
If BTC remains above 18740 for over 4 to 8 hrs, then I would lean towards an upward break.
A daily candle closing above this price will seal it I think.
If BTC drops below 18250, it opens the door to the downward trajectory.
I would be cautious at these times.
NOTE: When bitcoin found its bottom and started moving up, LINK and many of the alts kept dropping.
All the best,
Regards,
S.Sari
Look at the daily MACD
Left Link, Right BTC:
NOTE: When bitcoin found its bottom and started moving up, LINK and many of the alts kept dropping.
Note
ref.G.ChartNote
2 areas of interst. 1 is now here
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This community has signals now but with no risk management comms.
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