Keeping it simple. I think it's too early to tell, I'd really like to see how we close the week. It would make a lot of sense to me for btc to run the lows at 28800 and ideally close back within the range to ultimately trade higher. In my eyes: conviction on direction right now is gambling, it's time to take what it gives us and right now that picture isn't clear....
If no daily close above Monday high, we should see repricing to the 50 cent range.
So I'm actually bearish on all alts for the next few weeks/months and heres why. Bitcoin dominance(listed left) and alts (Ethereum (right) used for this case study) there's a clear trend when dominance is on an upswing it can be mirrored with consolidation / or lack of bullish price action on alts. and conversely when dominance is trending down it can be seen...
Thinking by raiding the low created in the prior london session at london close we have formed the low of the day in Ethereum and should anticipate further upside. My targets are 1602, 1640, and 1670 short term.
The higher time frame point of view states that we are looking bearish due to the Monthly. March's high and April's high were denied and the points identified on the daily time frame show how they coincide with current price action. With much SS-Liquidity resting above the daily highs (also April's high), we will see pairing of longs to shorts and then a sellside...
Looking for btc to trade to 7560 point of resistance
Looking to short the key weekly levels identified by the white on my chart, Any rally I believe is to be faded.