Lets have a look at the two charts on top of each other.
While Bitcoin trend was strong it broke above the pitchfork. Generally this is bearish in the short term at least because it will often become a blow off top as can be seen here.
While Bitcoin was trending BTC.D moved up - showing strength in BTC against ALTS.
But once price moved back into the pitchfork, this showed weakness in trend and BTC.D moved down as ALTS moved up against Bitcoin.
For those not aware ALTS tend to move up against Bitcoin as it moves sideways either in bullish consolidation, top or bottom.
Bitcoin recently fell out of a rising wedge without any urgency to the downside which suggests at the very least price will extend sideways before falling back down.
My hunch is that price tags SOW at 43K before falling back - but that is an educated guess.
Based on all of this - good chance many ALTS will have a solid bounce here and BTC.D will carry on down as Bitcoin moves sideways.
That said, ALT trend strength is reliant on BTC to not collpase. Any sudden bearishness with BTC will serve as a warning.
Not advice.
While Bitcoin trend was strong it broke above the pitchfork. Generally this is bearish in the short term at least because it will often become a blow off top as can be seen here.
While Bitcoin was trending BTC.D moved up - showing strength in BTC against ALTS.
But once price moved back into the pitchfork, this showed weakness in trend and BTC.D moved down as ALTS moved up against Bitcoin.
For those not aware ALTS tend to move up against Bitcoin as it moves sideways either in bullish consolidation, top or bottom.
Bitcoin recently fell out of a rising wedge without any urgency to the downside which suggests at the very least price will extend sideways before falling back down.
My hunch is that price tags SOW at 43K before falling back - but that is an educated guess.
Based on all of this - good chance many ALTS will have a solid bounce here and BTC.D will carry on down as Bitcoin moves sideways.
That said, ALT trend strength is reliant on BTC to not collpase. Any sudden bearishness with BTC will serve as a warning.
Not advice.
Comment:
Ughhh.... Thats some sloppy price action right there...
Comment:
Evening Star forming on 3D. 🔽
Comment:
First test of SOW here sees buying pressure form a bounce currently tagged 0.382 retracement.
This is the time to see if there is any strength left in the trend. Will price make its way up to test the resistance band.
If it backs down at the 0.382 its a very weak signal.
0.618 @ BC resistance.
Or maybe price moves back up for a cheeky tag of HTF SOW @43K
Or maybe its THE BOTTOM 💡🙄
Lets see what 'dem bulls got... 👨🦽👨🦽👨🦽
This is the time to see if there is any strength left in the trend. Will price make its way up to test the resistance band.
If it backs down at the 0.382 its a very weak signal.
0.618 @ BC resistance.
Or maybe price moves back up for a cheeky tag of HTF SOW @43K
Or maybe its THE BOTTOM 💡🙄
Lets see what 'dem bulls got... 👨🦽👨🦽👨🦽
Comment:
Evening Star into 0.5 fib. Could be over already...
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The previous tops are now resistance. First is BC resistance.