From my point of view , BTCUSDT is situated into a falling wedge pattern which is a bullish pattern and an upward breakout will occur.
RSI it s situating also into a falling wedge , when will breakout BTC will fly and probably a SMALL altcoinseason will come. Stochastic made bullcross but we need to wait untill the candle close to see where it will situate.
At the moment in the market you can see some negative news,facts,factors which boost algoritms to sell BTC and other altcoins. I hope you know,each market is based on algoritm(bots)
To get a bigger and better picture about BTC , you need to analyse also DJI and SPX500USD , at the moment DJI will go for a bounce so in short-mid term the BTC and altcoins price will increase(Also keep your eyes on bitcoin dominance because soon altcoins vs satoshi will increase well -short term movement)
In my opinion,we are entered into a bear cycle, but a hard and huge movement need to occur,the head and shoulder pattern it s not COMPLETED
Good luck and stay safe guys
In this trade you can enter ONLY after the breakout of resistance line of wedge and the target will be 18% from this line. I will update it (depend on when will broke it)
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DJI short analysis. Dji/SPX500USD (world economy) are into a correlation with cryptocurrency market. When a huge dump come on Dji also the crypto market will be red.(You can check yourself to see the history)
At the moment,DJI will increase and BTC also
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Bitcoin Dominance short term
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BTC dominaince is inversely correlated with altcoin value in satoshi. When BTC dominance dropping the altcoins value in satoshi is going UP
Speaking of altcoins, do you see big move for ADA?