Quote from: dragonvslinux on November 20, 2020, 03:22:33 PM

On the 4hr, price is currently testing the near complete parallel channel (re-drawn for accuracy). With three touch-points on support, price will need to avoid rejection at current level to confirm a third resistance touch-point.

Don't think I'm the first to say it, but Bitcoin is starting to look top-heavy on smaller time-frames again. On the 4hr, price has been rejected by the resistance trend-line of the current bull flag structure. While price remains bullish long-term, a return to re-test the mid-level around $17.9K, or the support trend-line around $17K is far from out the question.

We have again confirmed bearish divergence on the RSI, with a higher high but a lower low in price strength. While price has repeatedly broken these bearish indicators, it none the less does suggest price may correct lower before moving higher again. Personally, this is the first moment where a correction seems likely due to BTC dominance reversing*.

On the 1hr, we have been nicely trading upwards in a bull flag pattern that targeted a breakout of the larger bull flag. Unfortunately, we now appear to be breaking down from it.

*Looks like it's time for Bitcoin to correct or consolidate, as investors already begin to diversify into the altcoin market:

Bitcoin dominance appears to be topping out on a TD Sequanital 9 Sell Signal on the Weekly chart, while being rejected by the volume point of control. In long-term bear markets (that dominance is currently in, based on it's bearish 200 Week MA), this is the expected outcome from the recent dead-cat bounce from <60% to 67%. This Weeks candle screams doji reversal to me.