Hi All,
Looking at the current climate, even though we have Alts moving today, I think EGLD against BTC is doing a ascending wedge and is likely to do something like a double top before dropping down based on the wedge formation. The only way this seems possible is that BTC in my opinion does a big bull run and the ALTs are left behind, including EGLD. Once BTC hits a major milestone, it will then give the ALTs the opportunity.
Using my method when it comes to wedges, to me its highly likely this is the case. Look at the weekly chart below where the RSI agrees as well, with Bearish Div.
I'm going to use this theory and apply it to a few alts to see if this resonates with many main Alts. and then make my conclusion. For now, its only a hypothesis.
What do you think?
BTC dominance , then a double bottom.
Cheers,
S.SAri
Looking at the current climate, even though we have Alts moving today, I think EGLD against BTC is doing a ascending wedge and is likely to do something like a double top before dropping down based on the wedge formation. The only way this seems possible is that BTC in my opinion does a big bull run and the ALTs are left behind, including EGLD. Once BTC hits a major milestone, it will then give the ALTs the opportunity.
Using my method when it comes to wedges, to me its highly likely this is the case. Look at the weekly chart below where the RSI agrees as well, with Bearish Div.
I'm going to use this theory and apply it to a few alts to see if this resonates with many main Alts. and then make my conclusion. For now, its only a hypothesis.
What do you think?
BTC dominance , then a double bottom.
Cheers,
S.SAri
Discord: TradeToProspa
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
