The last few days we have seen a lot of selling pressure on BTC and that makes me think that the price of BTC can go even lower.
On the left side wee have the BTC chart and you can see that the price is in a tough spot! If you take a look at the chart, I have pointed out that we have been in the same spot in (12May-10Jun) and there was a nice and stady support at...
For this TA I am using Elliot-Wave Theory to determine the current move and the cycle of this run.
Therefore judging by EW-Theory it looks like we seem to be in the 5th wave up, going up until December/ end of December.
From there on the BTC Dominance will meet resistance and an urge to cease itself down.
This on the other hand implies that an ALT SEASON is...
Took a 5x position on LTC. Increasing volume, upticking histogram, bull macd cross, just cross the 4hr 20ma after a double bottom? I'll take it twice on Sunday. Going for a double top here before a btc pump which will then rekt it while we short it later. That's the plan, anyways...lol
Signal Type: Regular (Long)
Opened a long on TRX. We can see bulligh rsi divergence, upticking histogram, potential macd bull cross, and increasing volume. Additionally dominance is declining. However, I have to be careful becuase a btc pump could rekt this. It's holding above the 4hr 20ma @ 191, and I like the confluence with the 4hr 50ma @192. This could be pretty. My target is just below...
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Elliot Wave Analysis applied to BTC Market Cap Dominance.
Waves I and II have been completed. In my count Wave III has not completed its 5th leg up yet. If we get to the 1.618 fib extension of Wave I to II and market dominance level gets rejected at this point, we will probably enter Wave IV, which could lead all the way down to the green trendline. Playtime for...
BTC dominance macro-view:
Now we will close BELOW monthly MA resistance which is an incredibly bearish sign for bitcoin dominance and also we will close below the MAIN support line which now will switch it to be a strong strong strong resistance
MACD (momentum) still going down and hope to switch to the bearside to have a beauty altcoin season
Bear cross at...