Alt Season lurks around the corner? Here we go!
Updated
Good day traders,
Someone on Twitter had a request in regard to BTC dominance so here is my analysis.
Previously, I counted the rise in BTC's dominance as a five wave structure but something just didn't felt right so I've changed my mind in regard to the count. But don't worry, the outcome is still the same:
We are near a turn
As you can see, I'm counting the upward correction as a double three, aka a double zigzag , labeled as WXY.
W was a nice three wave structure where C was 123.6% of A
X was a pretty nasty triangle which we Ellioticians label as ABCDE
The current wave (Y) is also a three wave structure that is near its end.
I can count 7 swings
The rise in Bitcoin's dominance is actually a bullish reaction in a bear trend. We label this a 'B wave'. Most people don't know this but a double three is pretty common as a B-wave. So that's why I changed my mind about that five wave count.
All systems go?
Nope, not quite yet. I still expect some minor rise in BTC's dominance during the next few days. I'm targeting the zone between 69.89% and 73.23% to see a top out. I prefer 69.89% though but we all know that Mr. Market has it's own will so we have to wait and see where it strands eventually. Although, there are quite some signals that 69.89% could be the top.
Look at the bearish divergence in the RSI
Channel resistance
Horizontal resistance at 69.83% where we previously saw a reversal
Another notable thing is that we are inside the golden pocket zone. Meaning that we've retraced 61.8%-65.8% of previous alt season. Which is usual a good spot to expect a turn.
Conclusion:
Alt season lurks around the corner.
Good luck out there!
Someone on Twitter had a request in regard to BTC dominance so here is my analysis.
Previously, I counted the rise in BTC's dominance as a five wave structure but something just didn't felt right so I've changed my mind in regard to the count. But don't worry, the outcome is still the same:
We are near a turn
As you can see, I'm counting the upward correction as a double three, aka a double zigzag , labeled as WXY.
W was a nice three wave structure where C was 123.6% of A
X was a pretty nasty triangle which we Ellioticians label as ABCDE
The current wave (Y) is also a three wave structure that is near its end.
I can count 7 swings
The rise in Bitcoin's dominance is actually a bullish reaction in a bear trend. We label this a 'B wave'. Most people don't know this but a double three is pretty common as a B-wave. So that's why I changed my mind about that five wave count.
All systems go?
Nope, not quite yet. I still expect some minor rise in BTC's dominance during the next few days. I'm targeting the zone between 69.89% and 73.23% to see a top out. I prefer 69.89% though but we all know that Mr. Market has it's own will so we have to wait and see where it strands eventually. Although, there are quite some signals that 69.89% could be the top.
Look at the bearish divergence in the RSI
Channel resistance
Horizontal resistance at 69.83% where we previously saw a reversal
Another notable thing is that we are inside the golden pocket zone. Meaning that we've retraced 61.8%-65.8% of previous alt season. Which is usual a good spot to expect a turn.
Conclusion:
Alt season lurks around the corner.
Good luck out there!
Note
Note
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