Bitcoin dominance has corrected for quite a while after 5 waves and an ABC shown by the TD D-Wave indicator. Also today it ends this 9 weekly buy signal after bouncing from the TDST support line.
Everything is ready for BTC Dominance to reverse and go higher!
It has been going up non stop for several weeks but it's at a very important cluster of resistance, not to mention the 10k psychological level. If it breaks up, which I doubt, it could very well start the uptrend to new ATH. But for now I'm neutral, short term bearish.
1. TD sell Setup, closed above previous setup true range.
2. TD D-Wave is in wave 4.
1. Fib retracement from 13.8k to bottom, shows 0.764 fib at 11.5k
2. Fib proyection to 11.6k
3. Triangle break up targets 11.5k.
Also, consider weekly is in TD sell setup 8 and monthly in a TD sell setup.
The monthly is holding the line:
The weekly closed with a buy signal (main chart).
The daily closed with a buy signal:
I really thought we would dip below 8k, and there may still be a fake out below but I'm going long due to the signals.
The trading indicator is in the public library.
The last trade was very profitable (buy lime, sell fuchsia). Now it's at the center of a range, so let's take a look at the daily:
Based on the daily we bought September 1, and now its in a range. The stoploss could be below the range or below the lime line.
The monthly closing like this could be the end of the downtrend, a possible bear trap could happen in may, then a big consolidation below 8.5k which I consider is key level, if it breaks up I will expect new ATH.
If it breaks up 4.2k resistance and also that gann fan line, I'd expect it to reach 4.9k before a serious pull back. This is the 4th try and it's likely going to break imo, if you are not in yet, play the break up swing.
What a beautiful week... All moon and lambos untill it rushed to close below the moving average. Will look into the lower timeframes to see when things started to go south and in the comments.
Weekly: Neutral (leaning bearish now, with that weekly close).
Daily: Neutral (the last trend has ended dramatically).