Now that we can see BTC is potentially re-entering a bull market, I really want to assess the dominance to understand what its performance could be like compared to the alt space. As you can see, BTC dominance has entered what appears to be a HUGE trading range, with the topside resistance around 74% dominance, and the bottom support around 40% dominance. What we can see here, is that BTC appears to be rallying off of the bottom support level, as dominance this week alone is up a staggering 7.25%! Also, BTC dominance remains under a weekly bullish reversal signal, after finding apparent support around the 40% level. So, this basic overview of the dominance chart suggests that we could see a continuation of BTC dominance in the coming weeks, as BTC dominance could presumably head up into the midline area round 54%, where some substantial dominance resistance exists.
Another thing I would like to point out, is that the last time BTC dominance tested the bottom of that range (2018) we can see that a W bottom was printed. BTC dominance appears to be printing another W bottom here, just as it did in 2018. While I'm not saying this indicates a massive dominance recovery, it does suggest that we could see a dominance recovery back into the mid 50% level. With that said, BTC could have the edge on alts here, if a bull market continuation is sustained. I am cautiously optimistic that BTC is recovering in a more meaningful way than I expected. I am siding more with the bulls here, with tight stops on long trades to protect against a potential failed recovery.
On the bearish side, there is a hidden bearish divergence on the RSI, but that could be eradicated if BTC dominance continues to rise before topping out on the current rally.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Expecting another round of liquidations to the downside. Dominance will rise if the prices collapse across the board; just as long as BTC collapses less (%). The daily chart of BTC really looks to be finishing up a wave 5 of c of b (3-3-5), which means we can expect another 5 waves down, perhaps equidistant to the initial wave A down from the ATH. I'm betting we hit 57,500 (.786 retracement of ATH), then continue down for the 5 waves sequence composing wave C.
To be clear, the wave B begins on May 19th and is composed of three waves (a-b-c) with a clear five waves nearly completed for wave c. Expecting this B wave to reverse at 57,500.
Matthew1972
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@DataMaestro, this waves "thing" never impressed me as everybody seems to chart them differently.
userbeauty
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I miss u. Come back.
gvoommen
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The Legend, The King - we miss you.
UnknownUnicorn4285265
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bitcoin 3 day chart.
class A bearish divergence on both macd and rsi. At the 786. At a potential bearish gartley D location.
not what you want to see if you're bullish
emok032
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He must have become a billionaire and retired :'( Good for him
johnnywckd74
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Any new post from you mr MPC? 💯 follow if you back and active. also good sharing if do at okxideas that live now
ReallyMe
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where are you, poop cannon?
derJessie
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Long time no see bro! Update would be nice. Personally I think we have seen the Wyckoff Spring in September'22 of a range since May`21.
To be clear, the wave B begins on May 19th and is composed of three waves (a-b-c) with a clear five waves nearly completed for wave c. Expecting this B wave to reverse at 57,500.