Bitcoin Dominance / Alt Season Analysis November 2021
Hello to the large community of traders,
Have some tips here:
1) When trading range phase continues more than 20 bars, so we have 50/50 chance of breakout from each side.
2) Imagine all channels as flags. It means that we have 75% chance of bull breakout from bear channel ( bull flag ) and vice versa.
3) More candles consolidate below moving average, deeper correction expected. I myself check every 20 candles below MA and after 20 bars I expect price to touch the MA ( Pullback ) at least.
Bitcoin dominance now consolidating below 20 EMA around the bottom of TR that continued more than 20 bars. The smaller phase too look in now bear channel. As I told you bear channels are bull flags and we expect bulls to get out of this channel from upside.
What should we pay attention to now?
1) First of all wait to see if dominance get out of this bear channel.
2) If it succeeds, then it can go to the top of trading range. ( First Important Resistance on its way = 47-49 )
3) Wait to see if dominance breaks the top of TR. ( Remember that 80% of Trading Range Breakout Attempts fail )
4) If dominance breaks the TR, I expect that previous broken low will be tested. ( Second Important Resistance = 60 )
If you are waiting for altcoins season, I think entering altcoins market ( with technical analysis for finding best entries ) will be at 60 bitcoin dominance. After touching this resistance investors and traders will take profit/sell the bitcoins and then they go to the Altcoins to take profit from them.
**This is not an investment advice. Your capital might be at risk.**
Give me your idea on comments...
Good Luck...
Have some tips here:
1) When trading range phase continues more than 20 bars, so we have 50/50 chance of breakout from each side.
2) Imagine all channels as flags. It means that we have 75% chance of bull breakout from bear channel ( bull flag ) and vice versa.
3) More candles consolidate below moving average, deeper correction expected. I myself check every 20 candles below MA and after 20 bars I expect price to touch the MA ( Pullback ) at least.
Bitcoin dominance now consolidating below 20 EMA around the bottom of TR that continued more than 20 bars. The smaller phase too look in now bear channel. As I told you bear channels are bull flags and we expect bulls to get out of this channel from upside.
What should we pay attention to now?
1) First of all wait to see if dominance get out of this bear channel.
2) If it succeeds, then it can go to the top of trading range. ( First Important Resistance on its way = 47-49 )
3) Wait to see if dominance breaks the top of TR. ( Remember that 80% of Trading Range Breakout Attempts fail )
4) If dominance breaks the TR, I expect that previous broken low will be tested. ( Second Important Resistance = 60 )
If you are waiting for altcoins season, I think entering altcoins market ( with technical analysis for finding best entries ) will be at 60 bitcoin dominance. After touching this resistance investors and traders will take profit/sell the bitcoins and then they go to the Altcoins to take profit from them.
**This is not an investment advice. Your capital might be at risk.**
Give me your idea on comments...
Good Luck...
