Although the crypto market has gone , it is what I expected especially when they say the golden cross or the halving is in the picture.
It mean jack to me and in the past, it has proven to be the case where they did drop in price for the short term and that's what we are interested as traders.
The moving averages are in my opinion useful only on trading on a trend. eg cradle trading
If you get confluence on a few things, like , fib. and ma...then that's another discussion.
At the Macro level, I am still . ETH has done well and I always suspected just like last year, the ALTs will fly but once they reach their target, that's where they will be stopped and BTC dominance will go up.
Today, it did the same however this scenario is different. I don't expect BTC dominance to gain back all its losses, hence the BTC dominance chart needs to be watched, for confirmation.
ETH as per this chart, and my previous posts, is in a channel. And in this channel, there are levels and I have it held back by the 0.618 fib level but potentially supported by the 0.5 level.
Combined with the top and history , I'm in the opinion, like BTC that we are near the bottom and hence we will hold and go sideways for some time.
The bottom will be tested until its evident its an accumulation area. Just refer to BTC's bottom in 2017\2018 and you see how it behaved. A long drawn out phase which should be a buying opportunity.
I'm not stating the duration just that it will be drawn out.
This is exactly what I expected for the next bull run profile, that is a long drawn out phase, an accumulation area. The question was, where.
Similar to BTC , I have ETH at the critical level where it will hover above major indicators.This chart is to demonstrate this.
If one also looks at other markets, BTC price action is not immune to external markets so one should also look at these for going long.
The S & P is bouncing back up (oversold from what I have heard) and it will be some time before it gets it momentum back, BTC or crypto is no different.
If you refer to BTC and correlate it with ETH, one can see similarities.
With regards to the scenario, if it drops below 7700 (open and close daily candle) then that is very bad and I don't want to think what will happen if that is to occur until if it does.
The ALTs (some not all) will do better than BTC in the next bull run. ETH is one of those which demonstrated to me, to go long with, LINK is another (the chart is just good).
The goal is to find that accumulation area and I think this is it.
And another thing, if you apply my methodology using fib channels, I think many of the other alts will start making sense as to their all time highs or major resistance levels.
Please don't forget to give me a tick\like, as I would appreciate it.
(for my reference > btc .v)
Eth, USDT, etc: 0x103922f5640E24E225B898C008BbAD6A7b7fAB13