Limbo
Alt Season lurks around the corner? Here we go!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!
Indecisive market, possible bullish and bearish scenarios Hello and welcome to today's analysis!
In front of us we have a 4h chart and we can see a couple of interesting things.
First off we had a bullish MA crossover, 50MA crossed 200MA on 16th of June. Last time we had a bullish crossover like this one, the market rallied from 5300 to 8000+. Obviously, the market doesn't have the same strength as it had before when it was bashed around for a whole year during the bear market but there might still be some momentum left.
BTC managed to print higher lows and higher highs. We did manage to close at a higher level on 16th however we were short of 2 dollars on 17th, this shows some weakness from the bulls. Also, from the wicks we see touching 93-9400 we can tell that there is a lot of selling pressure at these levels. People that bought into BTC before the 9k move are probably emptying their bags at these levels.
We're above the Ichimoku cloud which in itself is a positive sign as it outlines an uptrend. The 2 doji candles that formed yesterday evening are showing the traders indecisiveness. At the same time, it seems that on BitMEX the OI has gone up.
A lot of contradictory moves if you ask me, I don't see a lot of strength from the bulls nor do I see the bears taking over. As I'm writing this analysis BTC dropped 50 points.
I believe that as long as we're staying above this trendline we have hopes for hitting the resistance again 94XX. If we drop below the trendline we'll most likely see a prolonged consolidation that may last for a few days to a week. The news are very important as well and a positive development will propel BTC to 9.5-10k territory based on the bullishness of the news (e.g. Fidelity).
Thank you for reading my analysis.
Please like this if it's of any help to you. Liking this also helps and encourages me to post more ideas.
SUPPORT LEVELS:
9070, 8950, 8700.
RESISTANCE:
9350+
Right Angled Broadening Wedges - Short 20x Bitmex NOWIdentifying a Right-Angled Broadening Wedge
Right-Angled Broadening Wedges come in two varieties, ascending and descending. They consist of a horizontal trend line and a sloping trendline .
The Ascending Right-Angled Broadening Wedges (ARABW) have an ascending trendline above the horizontal trendline with price action in between.
The Descending Right-Angled Broadening Wedges (DRABW) have a descending trendline below the horizontal trend line with price action in between.
With both versions price broadens over time.
Prices should be seen to touch both trendlines twice. Two touches to form the horizontal trendline and two touches to form the sloping trendline .
Breakouts from these two patterns often follows a partial rise or a partial decline.
What is a partial rise or decline?
After the two trendlines have been formed the pattern can be identified. When price rises off the lower trendline , and doesn’t reach the upper trendline before falling back to the lower trendline . This is a partial rise.
When price falls off the upper trendline , and doesn’t reach the lower trendline before rising back to the upper trendline . This is a partial decline.
More often than not a breakout from the pattern will follow.
The partial rise or decline never happens after the breakout.
Bull Trap is comingCome on TOP TRADINGVIEW!
I will help you. No, wait. Know how to read candles? Or do you copy ideas to sell your signals?
Better start finding another service. This market is dead! Did you understand Without regulation no money will enter here! What is the 700 billionth of the marketcap? Where are they? Why did they run away?
The bottom is farther than you can imagine.
Better not post ideas like ZERO.
Bitcoin goes from 0 USD and goes to 20k is this normal! Blockchain is revolutionary !!!!! LMAO! Now get out of 20 and go to 0 is crazy? OK!
sell manaI reckon we will see a drop in a few alt coins soon, despite seeing bitcoin in limbo on wether it is going up or down.
mana volume is low and stoch rsi is up. if volume does increase i reckon we will see it move down, perhaps not to far down unless we see BTC drop heavily
bearflag expands ; are we looking at another descending wedge?For now I stay neutral because sure there's plenty of bearish signs in the market but there is also what appears to be another smaller fractal like descending wedge pattern forming as I have indicated here with the light tan trendlines...These patterns are pretty bullish and Haejin Lee also hypothesized after the last descending wedge that we would rise up and former a smaller fractal of that descending wedge which is kind of what it appears we are potentially doing...of course if this bear flag decides to break bearishly then the potential of triggering a massive head and shoulders that could send us to 5100-5400 is possible...but if we don't confirm a bearish break below this wedge we might instead see a nice bullish break upward to subvert the bearish head and shoulders....Head and shoulders can often be tricks for example the last descending wedge was hidden inside a fake head and shoulders....this could once again be the case....we are sitting at a pivotal moment of limbo where the side it breaks on will determine a big fall or rise. Be careful tread wisely and make good decisions...this is not financial advice. Lastly based on the recent two candles having a trendline that connects them we can expand the ebarflag and see that it likely hasnt been broken yet and is instead bigger than we had originally seen wich happens alot with flag patterns.
