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Altcoin market cap still being upper bounded by 155BNo denying the fact that we could be seeing a double top forming here but if we assume that we are now in a bull run/leg , we could see this double top attempt fail soon. First sign I am looking for is a WEEKLY CLOSE above 155 billion as market seems to still be giving this level ample amount of respect. The last 3 candles (including current one) have attempted to break this level but no success yet. I always look for the 3rd attempt as an all important attempt in breakout setups so let's see if the bulls can manage to break 155 level this time around.
CRYPTOCAP:TOTAL2
by thedailychartist
BITCOIN - Current situation & short term key pointsNovember is historically the best performing month for Bitcoin. We’re 8 days in and already over 8% in the green. After closing above $13,000 for the first time since 2017, we’ve been in a very strong uptrend. Bitcoin market cap dominance over altcoins has risen from 59% to 64%+ since September, indicating bullish sentiment as people are converting their altcoins into Bitcoin. In this situation there truly is not much stopping us from testing the 2017 all time high of 20k. Not only that: the market in general has been positively going up recently. The dollar value has also been in a downtrend (when the Dollar goes down, bitcoin price usually goes up). I think this is a point that few people think about. Especially when considering 70% of Bitcoin trading is done through USD. 2nd place is the Japanese Yen at 20% (although it was over 50% a few years ago). However even with this strong upside action, Google trends is showing that mainstream attention is nowhere near as high as it was in 2017. It is probably safe to say that we haven’t reached hysteric FOMO(fear of missing out) yet. This could mean that we still have a lot of room for growth. ---Short term price action--- After Thursday’s strong 10% leap up, we saw a Doji close and a slight bearish divergence in the RSI, signaling a possible break and downside action, which did happen. I myself took some profits around 15.6k, and am expecting a few more possible days of downward correction. For now I am looking at two zones for re-enter - 14k psychological even point, as well as ~13.4k which is the .618 fibonacci level from the 2017 high of 20k and a previous resistance. The dollar currency index is currently at a crucial support - I am waiting to see if it bounces back up or continues down. It will be interesting to see how the market and currencies continue to react to the election and everything going on.
COINBASE:BTCUSD
by Gajoo
This Formation Finalizing Can Be 2021s Altcoin-Season-Origin!Hello Traders Investors And Community, Welcome to this analysis where we are looking at the coin-market-capitalization of the altcoin-market-cap and its 2-day timeframe perspective, as mentioned in the previous analysis the altcoin-market price-action is holding above this important ascending-trend-line where it is building the coherent triangular-formation together with the upper-resistance and so far the price action has moved as expected and the altcoin-market-cap has formed the coherent wave-count within the triangular-formation. When you did not see this analysis already I highly recommend it to you to watch to have a full-depth-overview, now as these important measurements have taken place there are now fewer confirmations to show up with however it is inevitably important that this price-action really show up to confirm the whole dynamic finally and to do not invalidate it, therefore I detected all the important levels and likely outcomes we should consider within the established structure and it's next destinations. Looking at my chart you can watch there the altcoin-market already shooted above the upper boundary with the wave D of the wave-count which often happens when the wave-count is especially bullish the difference to a full confirmation here is that the price action and the candle still closed within the triangle this is why it is not a full confirmation, to fully validate it is important that the altcoin-market closes above the upper boundary as it is marked in my chart after completing the wave E of the wave-count. In this case it is significantly necessary that the market-cap does not fall below the ascending-trend-line again because this can invalidate also the triangular-formation and the broker breakout as well as confirmation however this is currently not the most likely scenario as the price-action still holding above the ascending-trend-line and above the 50-EMA in red as the range getting narrower and narrower this is an indication for a final breakout and close above coming nearer. The fact that the altcoin-market-cap is holding strongly above the established pre-corona-highs gives the whole structure a higher bullish edge and especially when looking on the long-term-perspective considering a possible rally emerging in 2021 a decrease in corona which is also prognosticated within the summer time can lead to a positive reaction and bullish environment within the market, till then the market especially the altcoin-market-cap has to show how it can establish the pace till then to finally emerge into a solid rally which is protracted together with the Bitcoin possibilities for bullishness, what is also confirming this dynamic is that there are many upcoming projects such as defi or ethereum 2.0 that are lying ground for a solid bullish market environment also on the fundamental perspective. Next times will show how the technicals confirm within the established structure leading to a final breakout as suggested, it will be definitely an interesting journey. In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best! “Prospect is the ingredient of good fortune.” Information provided is only educational and should not be used to take action in the market.
CRYPTOCAP:TOTAL2
by VincePrince
13
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CRYPTOCAP:TOTAL
by contemplatingcrypto
How to Trade BTC/USD Right NowIn this technical analysis I will walk you through the most important things on the 1h chart right now. First of all, it's important to re-iterate one simple trading lesson. Buy low, sell high. Low and high are terms that are relative. In the chart you can see how I try to give meaning to those relative terms. I determine a "low" price to be close to a place of support. Those are areas in which it is a great opportunity to buy. I determine a "high" price to be a price close to the trendline that marks resistance. For instance prices going towards around $11,500. Then, I simply wait until the price goes close to either of those levels. When the price is at the current levels, you wouldn't want to make any decisions because your risk-reward will be off completely. If you wait for the price to be around one of these levels you can enter a trade with much better risk-reward. Follow me for consistent high quality updates, with clear explanations and charts. Please like this post to support me. - Trading Guru -------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
BITSTAMP:BTCUSD
by Trading-Guru
18
How To Trade LINK - Retracement with Moon Potential [PART II]In this idea I will walk you through the most important parts on the chart of LINK on the 1H and continue my previous analysis. First of all, you can find my previous analysis here: We can see that the price has indeed been confirmed on the horizontal support level. Overall the cryptocurrency markets are going down, but it's safe to say that LINK has still be performing relatively well. There are still many LINK bulls out there who are buying, keeping the price moderately high. I previously suggested that the price was a bit too high and that it would be best to wait before entering a position. Right now the time has come. The price is exactly at the support level, and this could be a great moment to enter LINK. From my previous analysis: Link has been performing extremely, extremely well over the last weeks. With an astonishing 1400% growth over the last few months it's been the hero we all wish we could be. In this technical analysis I will walk you through how I suggest to trade a pair that has been seen such a crazy uptrend. First of all, it's noteworthy that you should never buy a coin that's already peeking. When there's just been a huge green candle, you are too late. You wish you were in, but don't FOMO buy. Always wait for retracements. Retracements such as ... the one right here in front of you! THIS is the moment to buy, after plenty of red candles. The age old principle stands, buy low and sell high. As for the exit, if you're more of a scalp trader I suggest to leave before the $20 level again as this is a likely place where it finds resistance. If you want to HODL LINK, then you can try to aim for the 'Moon Zone'. In this area the price might rise like there is no tomorrow, and simply holding it might bring great benefits.
COINBASE:LINKUSDLong
by Trading-Guru
8
Total Crypto Market Cap BULL Flagging Above Pre-Covid Levels Total crypto market cap has blown past the $300 Billion area which was the local high we capitulated from in the second week of March '20. Currently were printing a bull flag targeting the $400 billion resistance level. Looks like we could push past the next resistance at $360 billion. Id imagine we would chop our way towards $400 billion after that. I think you understand the overall direction were headed. Many crypto charts look like the previous market cycles have been completed and some even have a form of symmetry. We are in the infancy stages of the next cycle. Epic candles will be printed along this journey both red and green. Once we can get above and find support on the $400 billion level there will be very little keeping us from first testing & eventually exceeding ATH. Best Wishes To You & Your Family. Not Financial Advice.
CRYPTOCAP:TOTALLong
by MitchMilli
1