BTC is holding 200 EMA on the 3d chart for months. The monthly chart doesn't post any good sign of strength (which tells me that even if btc pumps it will come lower again). But daily and 3d and 2week charts are showing btc bottom for another push up is in. Any dip is a buying opportunity as of now.
If you have a look at the total market cap of cryptocurrencies they have retraced 78.6% from the bull run and it has came out of the downtrend line which indicated we are ready for a push higher.
The targets are mentioned in the chart and we might revisit this area once we hit the top of the channel ceiling.
Target 1 for btc is 50 week MA followed by the 38.2 retracement (Target 2)of the fall from $20K to $5800.
The BTC dominance is increasing which doesn't mean we will go up straighforward. It could also mean a capitualization event in alts. Get ready for both. But it is safe to buy BTC in all situations.
You can rotate money from btc to alts once the resistance zone of 66 to 70 btc dominance is reached. Expect an alt run soon.
Only a break below 5700 and consecutive two weeks of closes will invalidate this setup. Else we are good to go. Happy trading :)
Target 1 for btc is 50 week MA followed by the 38.2 retracement (Target 2)of the fall from $20K to $5800.
You can rotate money from btc to alts once the resistance zone of 66 to 70 btc dominance is reached. Expect an alt run soon.
Only a break below 5700 and consecutive two weeks of closes will invalidate this setup. Else we are good to go. Happy trading :)
Comment:
Market cap has nicely retraced to our buy zone. If this zone holds we go to the target.
Comment:
Marketcap is putting an inverse head and shoulders and and downtrend resistance as of now. Breakout is most likely but yet still buying on a breakout is advised .