Hi Traders,
I don't believe we are done with this defended low and its going to take some effort to defend it.
We should also note BTC dominance has 2 faces, difficult to work out which way its going to go.
In addition, if you did not know, yesterdays dump is not isolated to the crypto world, as we seen the broader markets go something similar.
It goes to show we cannot operate without looking over the fence.
My thoughts,
If the broader markets top out now, so will BTC.
If the SP500 goes sideways, then its likely BTC might gain the uptrend.
Until we see the broader markets do better, I don't see BTC doing much to the upside.
Some blame Trumps announcement about handing over the presidency to Biden caused the whales to take flight.
Either way, we don't know. Some encouraging news also came out about big investments for crypto today so things are not so bad at this point.
The bullish scenario I have is a re-accumulation structure like the 28k to 42K in January.
The bearish scenario is that this will be a distribution structure, similar to 2017 or 2019.
OBVIOUSLY NOT DRAWN TO SCALE, note the levels only.
All the best,
S.SAri
BTC dominance chart
For example, Tesla and SP500 yesterday.
Today
Some other cryptos and where they are likely to range in the coming weeks
I don't believe we are done with this defended low and its going to take some effort to defend it.
We should also note BTC dominance has 2 faces, difficult to work out which way its going to go.
In addition, if you did not know, yesterdays dump is not isolated to the crypto world, as we seen the broader markets go something similar.
It goes to show we cannot operate without looking over the fence.
My thoughts,
If the broader markets top out now, so will BTC.
If the SP500 goes sideways, then its likely BTC might gain the uptrend.
Until we see the broader markets do better, I don't see BTC doing much to the upside.
Some blame Trumps announcement about handing over the presidency to Biden caused the whales to take flight.
Either way, we don't know. Some encouraging news also came out about big investments for crypto today so things are not so bad at this point.
The bullish scenario I have is a re-accumulation structure like the 28k to 42K in January.
The bearish scenario is that this will be a distribution structure, similar to 2017 or 2019.
OBVIOUSLY NOT DRAWN TO SCALE, note the levels only.
All the best,
S.SAri
BTC dominance chart
For example, Tesla and SP500 yesterday.
Today
Some other cryptos and where they are likely to range in the coming weeks
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key levels
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This community has signals now but with no risk management comms.
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This community has signals now but with no risk management comms.
