Very difficult to fit everything I'm trying to show in 1 chart, still don't have enough rep to update with charts in an idea (hitting the like button helps with that, would be appreciated). I opted to show the zoomed out view just so you can see how well this all lines up, the fib extension is nearly on the nuts with the retracement from the 2nd move inside the pennant, what I had a hard time showing in this zoomed out view are the ways the white trend lines are being followed and used heavily as resistance with strong repeated rejections and then used as support a couple times before making the next move. Lastly you can see how there is a large pennant formed (green) and the end of the pennant is timed perfectly to follow the curve, too good to be true? We will see.
Comment:
Big fakeout on the pennant, doesn't really surprise me in crypto markets. Looks good to finish out the move, big long here.
Comment:
Less than 100 Blocks away from ETH and SKL updates! Personally I think ETH ecosystem is going to have a good next few months as BTC dominance is falling off a cliff, key support levels still need to be broken on BTC dominance but has plenty of momentum to smash through. Back to SKL, there seemed to be some suppression going on (lots of successive clone candles) in the price and to stop the buy pressure they could have opted to just break it down out of the pennant to lessen the buy pressure. This is still bullish, it just looks questionable on lower timeframes, i've had to move to the weekly to keep the pennant valid.
Comment:
My last update for this chart, this has graduated to the weekly chart, 4hr looks quite gloomy but the real action is in the weekly with 5 1/2 days left to gain 18% to keep us in a bullish pattern, it looks possible from the daily.
This bull run has been defined by the same pattern of BTC.D going down = entire crypto market goes up and BTC.D going up = crypto (including BTC) goes down. We are currently at a point of resistance (52%) for BTC dominance and 50% will be another potential spot where we see some more action but the downhill momentum on BTC.D chart is pretty convincing that this bull run isn't close to being over yet, at least for alts.
This bull run has been defined by the same pattern of BTC.D going down = entire crypto market goes up and BTC.D going up = crypto (including BTC) goes down. We are currently at a point of resistance (52%) for BTC dominance and 50% will be another potential spot where we see some more action but the downhill momentum on BTC.D chart is pretty convincing that this bull run isn't close to being over yet, at least for alts.