Re: [Charts] Altcoin Dominance Looking Bullish with Cyrpto Market About To Bullcross
OP updated with screenshots from the Weekly close.
Altcoin dominance trade cancelled as Green 3 failed to move above the Green 2 for the ideal sequential trade (*). Now we are on a Green 4, which while is still bullish, isn't the perfect TD trade that I was looking to execute (as this could end up being 1-4 candle correction, as opposed to a 1-9 sequential count). Will now look to target the 200 Week MA support levels, if the mid-level of the bull channel holds as support. Note; I'm still in longs from Sept/Oct 2019, but not intending to open any new altcoin trades on a breakout above previous highs, based on the Weekly chart at least (the Daily/4hr is very different story, see below).
(*) On the chart below it shows dominance making a new yearly high (33.76%), however, the actual BTC.D dominance chart failed to make new yearly lows (now at 66.07% due to cmc recalculations).
Reminder: Always check the live charts before executing any trades. Do not follow trade me, no refunds.
In contrast, this trade was activated. For reference, the key difference here is entering the market with USD diversified into BTC and Altcoins (market weighted) on this breakout, instead of selling more BTC for altcoins such as the above trade. While there is still a high probablity of a pull-back, there is also a high probability of further upside before this pullback that could lead to much higher highs than the anticipated lows.
Therefore, on a reward/risk basis of 2:1 and given the Weekly MA support nearby, trades were activated. I now believe the crypto market to of broken out of it's 2 year-long downtrend.
For reference/transparency sake, the order of the charts were changed, given that one trade is now active (relevant), one trade has been cancelled (irrelevant).
BTC.D on a Daily time-frame
Altcoin dominance trade cancelled as Green 3 failed to move above the Green 2 for the ideal sequential trade (*). Now we are on a Green 4, which while is still bullish, isn't the perfect TD trade that I was looking to execute (as this could end up being 1-4 candle correction, as opposed to a 1-9 sequential count). Will now look to target the 200 Week MA support levels, if the mid-level of the bull channel holds as support. Note; I'm still in longs from Sept/Oct 2019, but not intending to open any new altcoin trades on a breakout above previous highs, based on the Weekly chart at least (the Daily/4hr is very different story, see below).
(*) On the chart below it shows dominance making a new yearly high (33.76%), however, the actual BTC.D dominance chart failed to make new yearly lows (now at 66.07% due to cmc recalculations).
Reminder: Always check the live charts before executing any trades. Do not follow trade me, no refunds.
Altcoin Dominance Eyeing Up A Breakout to 40% - Cancelled Long
In contrast, this trade was activated. For reference, the key difference here is entering the market with USD diversified into BTC and Altcoins (market weighted) on this breakout, instead of selling more BTC for altcoins such as the above trade. While there is still a high probablity of a pull-back, there is also a high probability of further upside before this pullback that could lead to much higher highs than the anticipated lows.
Therefore, on a reward/risk basis of 2:1 and given the Weekly MA support nearby, trades were activated. I now believe the crypto market to of broken out of it's 2 year-long downtrend.
Cyrpto Market About To Bullcross: 50 & 100 Week MA - Active Long
For reference/transparency sake, the order of the charts were changed, given that one trade is now active (relevant), one trade has been cancelled (irrelevant).
BTC.D on a Daily time-frame
- Still within bearish channel, as a bear flag, with around a -3% measured move.
- TD sequential bearish Red 3 (moving below Red 2 would active a short trade)
- RSI bearish at 32, close to oversold conditions <30.
- CMF neutral, declining slightly so slightly bearish
- MACD bear-crossing today, confirmation on close: