This is the best possible view i can give you on whats going on with the market, since i don't have a pro account with TV. strong confluence in between the TOTAL2 and the BTC.D showing which supports and resistance channels are being broken, The tools im using is a dynamic Hull MA with the 50 and 21 MA, usually when volume crosses the hull, the market changes direction, the wavetrend is to signal exhaustion levels. below is the QQE MOD which removes false signals from the indicators above.
A few days earlier i've been noticing massive bearish divergences throughout the whole market in RSI and MACD, Although in the RSI we are still above the 50, it has broken support o the TOTAL2, the BTC dominance, seems to be bouncing on the RSI support pushing upwards, and closing in on the 50. the is also a strong synchornicity between the MACD crossover on the daily timeframe BTC.D is going up, TOTAL2 is going down,
However in the BTC dominance chart, the daily timeframe is still below the 200 meaning that there may be a bounce, but its unlikely that it will happen soon, the same goes for the TOTAL2 at the 200EMA line, showing that a reverse is possible at the 50 EMA or at the 200 EAM, but since the RSI trendline is already giving a lower low below the 50 line on the TOTAL 2 daily time frame, my conclusion is that if this synchronicity continues, the downward trend will still last a few days before it can recover.
This is not financial advice , nor am I a professional trader, this is a just my interpretation of the indicators and view of the market. Trade carefully.
P.S: Im still learning so any tips, or views of this analysis are welcome from more experienced traders.
A few days earlier i've been noticing massive bearish divergences throughout the whole market in RSI and MACD, Although in the RSI we are still above the 50, it has broken support o the TOTAL2, the BTC dominance, seems to be bouncing on the RSI support pushing upwards, and closing in on the 50. the is also a strong synchornicity between the MACD crossover on the daily timeframe BTC.D is going up, TOTAL2 is going down,
However in the BTC dominance chart, the daily timeframe is still below the 200 meaning that there may be a bounce, but its unlikely that it will happen soon, the same goes for the TOTAL2 at the 200EMA line, showing that a reverse is possible at the 50 EMA or at the 200 EAM, but since the RSI trendline is already giving a lower low below the 50 line on the TOTAL 2 daily time frame, my conclusion is that if this synchronicity continues, the downward trend will still last a few days before it can recover.
This is not financial advice , nor am I a professional trader, this is a just my interpretation of the indicators and view of the market. Trade carefully.
P.S: Im still learning so any tips, or views of this analysis are welcome from more experienced traders.