Does the Ultimate Oscillator Say We've Bottomed? - Bitcoin (BTC)

I met a professional trader recently who only uses the Ultimate Oscillator, since he claims it's more accurate with predicting buy and sell zones. A lot of people right now are calling for a second bottom in the weekly RSI (in purple), but the Ultimate Oscillator (in red) is telling a different story, since it's already bottomed twice and has made a higher high and (maybe) a higher low. On the monthly timeframe, it has also reached a level that indicated that a reversal was immanent during the last bear market:

I haven't ruled out lower lows, since anything is possible, and a number of alts have just been rejected from some long term resistance areas and hit targets for my long setups. Some corrections are to be expected. However, overall the market has been looking more bullish than it has during the entirety of the bear market, and many coins have clearly broken out of their bear trends. Could we be in for one more drop before Bitcoin finally follows suit? Sure, but I've seen a noticeable difference in sentiment recently.

As an addition to this little analysis, I'd like to point out that Bitcoin dominance has SLOWLY been decreasing for a while now. It also did the same right before ETH had a major breakout during the last bull market, EXACTLY 2 years ago. This caused Bitcoin dominance to drop heavily. On some of my earlier Bitcoin charts, I speculated that Bitcoin's dominance would fall even further during the next cycle, and perhaps it would finally be outclassed by another coin. You can see Bitcoin dominance slowly heading lower in a descending triangle here: coinmarketcap.com/charts/

Anyway, just wanted to post this chart. I know I've been doing some videos recently (it's nice to just speak my mind sometimes, since I don't have any friends who are into this stuff).

This isn't financial advice or even a potential trade setup. This is just something I've noticed and wanted to share it. Some possible scenarios are drawn in squiggles on my chart.

-Victor Cobra

Comment:

Wanted to add: It's really interesting that the monthly ultimate oscillator only reached a buying zone recently, and not during our November selloff.

Comment:

Indecision area for Bitcoin. It's possible we see a drop here to test some lower supports, since volume really isn't there. Many alts are at major resistance zones, so sellers can easily step in here. I guess we'll see. Not really a trade zone for me. Potential targets for a drop are at the broken triangle resistance and a possible ascending triangle support from the previous lows.

Comment:

On the Coinbase linear chart, we're very close to a MAJOR diagonal resistance. I breakdown could send us to around 3500, or more bullishly, into another falling wedge pattern, where we squeeze between the triangle resistance turned support and the major bear market resistance.

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And obviously, if we break out of the pink diagonal resistance sooner, we can finally tackle 4200.

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Hmm...hasn't dropped much yet as I thought it might, and altcoins are still looking rather strong. We could go either way at this point, but things have been surprisingly bullish recently. Every time I expect a dump, we rise instead. I guess we'll see. The thing is, the sentiment has gone from bulls being fearful of lower prices to bulls being hopeful of lower prices. This means that demand is increasing at these levels, and may soon cause our true trend reversal.

Comment:

BOOM!