BTC has had a massive dump as of late and is now in the period of ranging or unknown price action. So we have to be a little more nimble here. The volatility can be your friend or your enemy as long as you play it properly. So what do we see happening? Well sector analysis can be very helpful. If we continue to see sectors like DEFI making higher highs on the 4H, we can expect the same from BTC. If we start to see most of them fail and make lower highs, then we can say the probability is increasing that BTC will also fail again.
We have had bullish divergences on the RSI for BTC, so we now need confirmation with a higher low.
I love using the FTX indexes for intermarket analysis. So watch DEFI, ALT, MID, SH!T, EXCH, PRIV, TOTAL, and TOTAL2. If more are breaking up than down, we can see breadth increasing in the market. The same is true if we see them breaking down.
Honestly it is just super cool to even talk about market breadth in crypto. Last year we didn't even really have that many sectors to analyze!
We have had bullish divergences on the RSI for BTC, so we now need confirmation with a higher low.
I love using the FTX indexes for intermarket analysis. So watch DEFI, ALT, MID, SH!T, EXCH, PRIV, TOTAL, and TOTAL2. If more are breaking up than down, we can see breadth increasing in the market. The same is true if we see them breaking down.
Honestly it is just super cool to even talk about market breadth in crypto. Last year we didn't even really have that many sectors to analyze!