Not only is the chart well done and the fibo zone between 0.618 and 0.786 became a point of resistance and potential support (even though it glided through on the uptrend incognito) -- but the comment section adds a lot of information shared between analysts who are holding true to the concept of P2P. Thanks for sharing.
Sure but... Inflation has never been so high since 75' and BTC's cycle may evolve after retesting the monthly MA50 for 10 years, much like SP500. As we can see, BTC is now consolidating below the MA50 whereas it used to bounce back. Blue: monthly MA50 (~weekly MA200) Orange: monthly MA100 Green: monthly MA300
thecryer
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@GreenValleyTrading, BTC Dominance is now around 40%, it spiked 75% in 2020 dip and was 95% in 2017, the situation is very different right now as others Cryptos have their own wealth, feel free to check this chart, used EMA300/1WTF on Total Market. Cheers.
wargolynch
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@thecryer, It's indeed a right time to DCA. But there is still a pronounced probability for BTC to test the 10k area considering facts for which the relevance outpass BTC's dominance. As for Total Market Cap, the S1 yearly pivot point is broken and we don't see any monthly reversal candle or sufficient volumes yet. I would not long this chart with a stick. The weekly EMA300 and MA300 are an interval between the monthly 50 and 100 at most. To conclude, BTC should continue to lose dominance in the future.
thecryer
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@GreenValleyTrading, indeed everything is possible BTC used to make some dip wicks before bounces. it's just good to keep shit charting to come back in future to see what happened in the past.
wargolynch
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@thecryer, Macro economics are very present, as for the current lack of volumes and lack of reversal confirmation.
thecryer
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@GreenValleyTrading, this pressure is also present in Forex and Stocks right now. dollar index is very high. i saw that u used to chart before, i encourage you to keep it up, is all about improving our knowledge.
thecryer
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@GreenValleyTrading,
wargolynch
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@thecryer, GG EURUSD is soon to enter a support zone, meaning DXY could fakeout at the resistance. These charts are doomed to range forever so it would make sense! Important note about moving averages: At equal periods, EMAs are less laggy and accurate than MAs when used as S/R tools. Meaning we'll prefer to compare the MA100 with the EMA125-150 but not the EMA100 for this purpose. As an illustration, below are monthly moving averages on BTC with respectively the MA50 and EMA50 colored in orange. Laggier indicators delivering more accurate signals as simple S/R tools, the monthly MA50 has performed better than the monthly EMA50 in the past... Same could be true with 100 periods!
Thanks for sharing.