At 58k BTC kicked off its descent and has now proven path in a descending channel with a few prominent support lines on the way down. The width of channel is enough that it supports the idea we will push our way down to major support which for BTC is a trendline that was establish 5 months ago in October 2020 when BTC started its ascent. This is a strong trendline and has a strong likelihood of stopping the descent and helping BTC break out of this descending channel.
BTC Trend since October 2020>
Something else worth mentioning is BTC Price Relative Indicator or "Market Dominance". BTC dominance had been on decline for months and was nearing its 2 year ascending trendline to test its support but stopped shy of it and broke out of the descent where it continued its descent via top of channel but this is an indicator that BTC could see its dominance run soon. What this means is either a hard run that leaves the rest of the market behind or what we typically see is a hard crash for BTC follow by a much much harder crash for the alt market, resulting in BTC gaining market dominance. This chart leaves the feeling we have a pretty big event coming up. Keep an eye on this as well.
BTC Dominance:
Once BTC breaks this descending channel, look for a return to our viral market with sprinkled thrunderstorms of crypto gains across the board.
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I havent been posting content here lately as I have been doing so more actively in our discord channel and really I have been focused on building our advanced signalling platform with brute force back testing capablities with some pretty exciting resaults so far. We have been using the data off of our CoinMarketFlow site and expanding that data set to really empower this endeavor, more content to come.
Needless to say, as soon as we broke through resistance at the top of channel, all bear bets were off and BTC was on. There are still a lot of assets sitting just under their resistance waiting to break, lots of opportunities here. I would not recommend being on the short side at this point. I dont see how Crypto is not about to have a really viral run. BTC could languish sideway for a while which would be fine but right now it looks like it just wants to climb. We bounced off the.5/50% retracement levels and straight up out of channel which was a really light touch on the .5 fib line, often assets consolidate at their retracement levels for a while before running. It feels like crypto exchanges may need to install seatbelts for this next leg up!