Considering a dual market cap approach everything seems clearer.
Looking at bitcoin alone we could feel the impulse to short the right shoulder, but looking at total market cap and altcoins marketcap you can see that you are maybe shorting … a bullish flag.
While bitcoin is drawing a scaring head and shoulder, altcoins heavily corrected. Altcoins are now retesting the breakout level. Until this support supports, we are bullish. If it break down we are bearish.
After the breakout the total market cap found 2 times support on 16andalotofzero dollars. The second time that the total market cap went to this value found support also on the daily 200EMA as well on the ascending 50 EMA.
So until 16andalotofzero hold we are bullish. If not we are bearish.
The market dominance of bitcoin is ranging since almost 1 year. The dominance is retesting the higher levels. until the dominance stay under the yellow bar I'm quietly bullish.
Then there is the old good analysis on short interest. Short interest is going also direction high interest without effective change in bitcoin price.
The overall volume excluding the breakout spike is in linear increase.
In conclusion considering the actual trend, volume and indirect indicators as short interest/price change, as well bitcoin dominance, there are still no reason to buy US dollars.
BIO
Looking at bitcoin alone we could feel the impulse to short the right shoulder, but looking at total market cap and altcoins marketcap you can see that you are maybe shorting … a bullish flag.
While bitcoin is drawing a scaring head and shoulder, altcoins heavily corrected. Altcoins are now retesting the breakout level. Until this support supports, we are bullish. If it break down we are bearish.
After the breakout the total market cap found 2 times support on 16andalotofzero dollars. The second time that the total market cap went to this value found support also on the daily 200EMA as well on the ascending 50 EMA.
So until 16andalotofzero hold we are bullish. If not we are bearish.
The market dominance of bitcoin is ranging since almost 1 year. The dominance is retesting the higher levels. until the dominance stay under the yellow bar I'm quietly bullish.
Then there is the old good analysis on short interest. Short interest is going also direction high interest without effective change in bitcoin price.
The overall volume excluding the breakout spike is in linear increase.
In conclusion considering the actual trend, volume and indirect indicators as short interest/price change, as well bitcoin dominance, there are still no reason to buy US dollars.
BIO