[Charts] Cyrpto Market Weekly MA Bullcross & Altcoin Dominance Looking Bullish
⭐ Merited by Morbid (1)
Cyrpto Market About To Bullcross: 50 & 100 Week MA - Active Long
Source: TradingView, February 7th 2020. Screenshot: January 30th 2020.
Source: TradingView, February 7th 2020. Screenshot: January 30th 2020.
Similar to Altcoin dominance looking bullish , the crypto market total capitalization is close to it's two year long resistance downtrend line, with a 50 & 100 Week MA bull-cross anticipated in a week or two, as well as on a Green 3 TD Sequential. I'm skeptical this can be broken this week, but if there is continuing rising volume , it's becomes trade worthy (2.1 reward/risk).
A close above the resistance trend-line, with the Green 3 above the Green 2 would be a case for a move to the previous swing high around $332B. Breaking below $210B would likely lead to a fall to the recently created support trend-line at $200B. CMF is positive and rising, MACD is bull-crossing this week, waiting for RSI to break above resistance level around 55 and into bullish territory >60.
Altcoin Dominance Eyeing Up A Breakout to 40% - Cancelled Long
Source: TradingView, January 21st 2020. Screenshot: February 7th 2020.
Source: TradingView, January 21st 2020. Screenshot: February 7th 2020.
With altcoin dominance closing back above the rising 200 Week MA last week, confirming Bitcoin's long-term weakness in market dominance, "ALT.D" ( 1-BTC .D+99) has again held the 30% support a second time and is looking for a breakout above 33.75% with a target to 40%.
This would additionally be a TD Sequential trade on the Weekly chart with a Green 2 going above a Green 1, with oscillators ( RSI , CMF and MACD ) pointing to further upside. There will likely be some resistance and profit taking around the 50 Week MA around 35%, half way to the target, but I don't expect it to hold for long if volume continues to rise. The momentum would likely be too strong preceeding the confirmed trend change.
Reward/risk: 2.1
Entry: 33.76% - TD buy signal and and new swing high since July 2019
Target: 40.7% - Previous support level as resistance and 100 Week MA confluence
Stop Loss: 30.50% - Breakdown below the open of the 1 candle, 21 Week MA and into support range = bearish
To me, this is a perfect trade.
References:
https://www.youtube.com/watch?v=M3TzVgGyBFs
https://www.youtube.com/watch?v=7wBg1lBKtyg
Related Bitcoin TA: VPVR Part 2: Volume Point of Control $8,188 Now Turned Support
Previous Altcoin Technical Analysis:
Altcoin Speculation Coming Soon... (October 2019) - Active Long
Altcoin Dominance Bouncing From 0.382 Fib Retracement (September 2019)) - Active Long
Altcoin Speculation Coming Soon... (October 2019) - Active Long
Altcoin Dominance Bouncing From 0.382 Fib Retracement (September 2019)) - Active Long