Good day traders,
Someone on Twitter had a request in regard to BTC dominance so here is my analysis.
Previously, I counted the rise in BTC's dominance as a five wave structure but something just didn't felt right so I've changed my mind in regard to the count. But don't worry, the outcome is still the same:
We are near a turn
As you can see, I'm counting the upward correction as a double three, aka a double zigzag , labeled as WXY.
W was a nice three wave structure where C was 123.6% of A
X was a pretty nasty triangle which we Ellioticians label as ABCDE
The current wave (Y) is also a three wave structure that is near its end.
I can count 7 swings
The rise in Bitcoin's dominance is actually a bullish reaction in a bear trend. We label this a 'B wave'. Most people don't know this but a double three is pretty common as a B-wave. So that's why I changed my mind about that five wave count.
All systems go?
Nope, not quite yet. I still expect some minor rise in BTC's dominance during the next few days. I'm targeting the zone between 69.89% and 73.23% to see a top out. I prefer 69.89% though but we all know that Mr. Market has it's own will so we have to wait and see where it strands eventually. Although, there are quite some signals that 69.89% could be the top.
Look at the bearish divergence in the RSI
Channel resistance
Horizontal resistance at 69.83% where we previously saw a reversal
Another notable thing is that we are inside the golden pocket zone. Meaning that we've retraced 61.8%-65.8% of previous alt season. Which is usual a good spot to expect a turn.
Conclusion:
Alt season lurks around the corner.
Good luck out there!
Someone on Twitter had a request in regard to BTC dominance so here is my analysis.
Previously, I counted the rise in BTC's dominance as a five wave structure but something just didn't felt right so I've changed my mind in regard to the count. But don't worry, the outcome is still the same:
We are near a turn
As you can see, I'm counting the upward correction as a double three, aka a double zigzag , labeled as WXY.
W was a nice three wave structure where C was 123.6% of A
X was a pretty nasty triangle which we Ellioticians label as ABCDE
The current wave (Y) is also a three wave structure that is near its end.
I can count 7 swings
The rise in Bitcoin's dominance is actually a bullish reaction in a bear trend. We label this a 'B wave'. Most people don't know this but a double three is pretty common as a B-wave. So that's why I changed my mind about that five wave count.
All systems go?
Nope, not quite yet. I still expect some minor rise in BTC's dominance during the next few days. I'm targeting the zone between 69.89% and 73.23% to see a top out. I prefer 69.89% though but we all know that Mr. Market has it's own will so we have to wait and see where it strands eventually. Although, there are quite some signals that 69.89% could be the top.
Look at the bearish divergence in the RSI
Channel resistance
Horizontal resistance at 69.83% where we previously saw a reversal
Another notable thing is that we are inside the golden pocket zone. Meaning that we've retraced 61.8%-65.8% of previous alt season. Which is usual a good spot to expect a turn.
Conclusion:
Alt season lurks around the corner.
Good luck out there!
Ghi chú
Ghi chú
OW MY GOD! LAMBO is coming? ALT SEASON WE WANT LAMBO!
Giao dịch đang hoạt động
Dominance on the way to 69%. It's WELCOME ALT SEASON DUDES!LAMMMMMBO!
Giao dịch đang hoạt động
Developing! As planned!
Giao dịch đang hoạt động
Working very well! ALT season! Come on! Come on! Come! We want LAMBOGiao dịch đang hoạt động
Perfect!Giao dịch đang hoạt động
Giao dịch đang hoạt động
Giao dịch đang hoạt động
Ghi chú
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.