Re: [Charts] Cyrpto Market Weekly MA Bullcross & Altcoin Dominance Looking Bullish
I normally don't do mid-week updates due to the "noise", but as I was playing the breakout on the Daily chart (after cancelling the long on the Weekly chart for altcoin dominance), dominance has now reached the 50 Week MA (purple line) on a Green 4 TD sequential. This is why I backed out of this Weekly trade, I'm not a fan of Green 4's at MA resistance.
Latest TA based on Daily time-frame:
Don't Underestimate the TD Sequential 9 & 50 Week MA
As can be seen on the Daily chart using the TI Indicator, we are currently at the 50 Week MA on a Sequential 9. While the long-term 200 Week MA is sloping downwards (has a bearish posture), the 50 Week MA is rising (has a bullish posture). It's also clear from previous TD 9's, whether buy or sell signals, have been very reliable in calling short-term tops and bottoms. The RSI is also considerably oversold.
I'm still bearish on Bitcoin dominance long-term, but remaining neutral as dominance is likely to find short-term support from current levels. It'd be reasonable to believe that dominance will retest the bear flag breakdown level, VPVR resistance as well as 21 Day MA around 66%, or even as high as the 200 Day MA at 69% that is now started to slope downwards confirming long-term bearish pressure.
TI Indicator: https://tonevays.com/indicator
A zoomed out view of the Weekly chart for reference sake. In my opinion, based on the logarithmic long-term trend-lines, we broke out of the bullish channels weeks ago. On a linear scale, we are doing so this week apparently.
Disclosure: This is a C&P post due to server being down earlier.
https://www.youtube.com/watch?v=M3TzVgGyBFs
https://www.youtube.com/watch?v=7wBg1lBKtyg