would not want to long this chart, bitcoin is at 43% dominance and looks ready to break below critical resistance. would not be surprised if we start next week in the red.
As you can see the .702 retracement has been playing a significant sell point since April last year, unless XRP can move past that level from the last local high we will continue to see more down side. although XRP has broken out of the down trend and has now back tested support, this gives me confidence the bottom is in.
i will be paying close attention to the...
XRP looking super strong the 21MA is one of the best indicators to indicate what direction the market is going to go, thats why i always wait for a close above or below.
also when looking at any altcoin you have to pay attention to bitcoin because if bitcoin dumps at these dominance levels so does the altcoin market.
bitcoin still remains more the 43% dominant over the crypto market until this breaks down we wont see altseason and see massive gains from our favorite coins.
H&S looks like a pretty solid pattern, looking for the 4H close either above or below the 21MA before i make a decision on what direction i think the market will go.
XRP still creating lower highs. As the majority of the Altcoin market continues to follow bitcoin the Alts will continue to suffer. I think we wick down to the lows one last time before going off to set a new ATH! long term bull!
if bitcoin loses a critical resistance level we could set a new low, which would lead to more bloodshed for the Altcoins. this is a short term bearish outlook.
