BTC dominance (Y20.P4.E6).MACRO.Resistance Reached?
Updated
Hi All,
It feels like the perfect storm is brewing for the ALTs and most likely the DeFi derivatives to take off soon.
Looking at the chart and its indicators, is not the best to read with that big wick south.
Having said that, here are my thoughts.
a) BTC dominance has hit a key fib level which also happens to be the previous support along with confluence with the macro structure, top trend line;
b) We have the indicators reaching their max on the daily and more charts and crossing over the signals, pointing down;
c) We can observe on a number of ALTS, eg ADA and LINK that they are holding a key level or position with a bullish candle in the making. Refer to the 2 samples below;
d) We also will likely have BTC finding resistance at this top level and likely to go sideways for some time, week or weeks before making the next move;
BTC is still remaining bullish but it needs time to tell us if its going to cool down after a big move of lately (which I suspect);
e) While BTC ranges sideways, its likely that the ALTs start making their move;
f) Its probably likely that the ALTs start making new highs before BTC makes its next big move now;
ADA chart
LINK chart
BTC - bearish divergence on the daily
BTC dominance weekly chart, indicators pointing down
Please give me a like or tick for this post.
Regards,
S.SAri
It feels like the perfect storm is brewing for the ALTs and most likely the DeFi derivatives to take off soon.
Looking at the chart and its indicators, is not the best to read with that big wick south.
Having said that, here are my thoughts.
a) BTC dominance has hit a key fib level which also happens to be the previous support along with confluence with the macro structure, top trend line;
b) We have the indicators reaching their max on the daily and more charts and crossing over the signals, pointing down;
c) We can observe on a number of ALTS, eg ADA and LINK that they are holding a key level or position with a bullish candle in the making. Refer to the 2 samples below;
d) We also will likely have BTC finding resistance at this top level and likely to go sideways for some time, week or weeks before making the next move;
BTC is still remaining bullish but it needs time to tell us if its going to cool down after a big move of lately (which I suspect);
e) While BTC ranges sideways, its likely that the ALTs start making their move;
f) Its probably likely that the ALTs start making new highs before BTC makes its next big move now;
ADA chart
LINK chart
BTC - bearish divergence on the daily
BTC dominance weekly chart, indicators pointing down
Please give me a like or tick for this post.
Regards,
S.SAri
Note
Revisited the weekly chart, upward pressure is still there. Hence tweaked my chart to this.
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