Every big pull back has been indicated to me by a bearish divergence on both macd and rsi. I will only trade into a reversal or a pull back or breakdown when we see a divergence on at minimum 4 hour time frame. Because we dont have that at this point i do believe we have another leg up. Also this is a bullish consolidation pattern which will most likely lead us higher. We could break down and a lot of times we will have a pretty big shake out or "breakdown' right before the next leg up so I do believe you can enter this trade lower than this 5310 level. I would love to get an entry at the .38 level around 5140 level. I did start scaling into this trade with probably a 5% entry of the total trade i plan on putting on. If we do push up another leg i believe it will also lead to a bearish divergence on both momentum indicators below and I will look to open a short at that point.
I will say after this level has worked out to the upside or down side I believe we will have a pretty big market correction coming into the forks. Every time btc dominance continues higher and alts start to sell off we end up for a further pull back in the coming weeks. The last two all time highs in btc on June 11 and sept 1 happened very similar with alts beginning to sell off, btc dominance rising and a bearish divergence leading us to a market pullback. I know a lot of ppl think the alts will rise once btc stops going up but now that everyone for the most part has the majority of there money in btc once it starts selling off ppl go to cash or tether. Going to a trading pair against btc which btc is pulling back 1-2k doesnt appeal to smart investors or traders so i think there are very few pairs that wont sell off once btc does.
I will say after this level has worked out to the upside or down side I believe we will have a pretty big market correction coming into the forks. Every time btc dominance continues higher and alts start to sell off we end up for a further pull back in the coming weeks. The last two all time highs in btc on June 11 and sept 1 happened very similar with alts beginning to sell off, btc dominance rising and a bearish divergence leading us to a market pullback. I know a lot of ppl think the alts will rise once btc stops going up but now that everyone for the most part has the majority of there money in btc once it starts selling off ppl go to cash or tether. Going to a trading pair against btc which btc is pulling back 1-2k doesnt appeal to smart investors or traders so i think there are very few pairs that wont sell off once btc does.
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I do see our momentum indicators on the one hour and 4 hour starting to show bearish divergences. I closed scaling in as the price started to gain momentum to the upside above 5420 and begain scling out at 5460s. wasn't a big win but I didn't want to let a winning trade turn into a losing trade. It did pull back to where I would have been in the negative so glad I did close. Now just watching to see what happens next. I do see big volatility coming so I would be prepared for some really good movement in alts and btc!
