Head & Shoulder pattern spotted on ETH/BTC. Go short on bitmex ONLY after we break below 0.0233
Sell: 0.023-0.0233
Tg1 - 0.022
Tg2 - 0.205
Tg3 - 0.019
Tg4 - 0.017
Tg5 - 0.015
Leverage - 3- 5x
Stop loss - 0.0245
Hey guys I hope you are well. I found a really interesting pattern on the BTC dominance chart and I'd like to share it with you all.
As you can see in the chart btc dominance was stuck between 59.04 and 35.07 since December 2018. On 6th May we had a clear breakout of this triangle and that was a CLEAR sign for us to dump all alts. The dominance went right up to...
ONE is forming a falling wedge on the 4hr chart its more clearly visible on the 1 hour timeframe. EMA21 crossed below EMA 50 on the 4 Hr = Bearish cross. good price to get in 250-270. Don't forget MAinnet coming at the end of the month.
After a careful study of the BTC dominance chart I spotted a symmetrical triangle pattern on the daily chart. We need to break below 55% dominance to see a real alt season. breaking above 62.75% would lead to more dump in alt coins. I do see some temporary relief coming our way this week itself if BTC stays below 9485.
We are currently being supported by the daily ribbon, the trendline that's been supporting us since 4th April, and also finding some support on the fib 0.23 levels.
Bearish signs - we broke below 4Hr ribbon, bearish cross on the stochastic rsi weekly. resistance from 100EMA at 5197.
So lets just eye 5000-5200 now whether we break above the resistance or below...
