Traders,
Please make note of the resistance areas up ahead for both Bitcoin (top chart) and Bitcoin dominance (bottom chart). Both have come into MAJOR resistance area and are showing me that Bitcoin should pullback within a week. I don't see us skirting above $30k without a pullback prior. Personally, from a technical standpoint, I am hoping to retest our Cup and Handle neckline at $25,300 ish.
On the BTC.D chart you can see that in addition to the two major resistance areas overhead, we also have a descending trend line with (3) three perfect touch points, the third of which we are currently up against. Caution is definitely warranted in this area! And there is a much much higher degree of win probability on the short side of BTC here.
It is worth noting that just because BTC along with BTC.D pulls back, it doesn't necessarily indicate altcoins will fly. Some may. Some may not. Lately, as it has been going, alts are a bit reluctant to follow the big dawg, bitcoin, to the upside, but sure as shit to want to follow it down. And they often will exaggerate any move to the downside by a greater degree. Larger cap altcoins (ie - Ethereum) might fair okay during a bitcoin pull back, but I'd be careful on the small cap alts.
Best,
Stew
Please make note of the resistance areas up ahead for both Bitcoin (top chart) and Bitcoin dominance (bottom chart). Both have come into MAJOR resistance area and are showing me that Bitcoin should pullback within a week. I don't see us skirting above $30k without a pullback prior. Personally, from a technical standpoint, I am hoping to retest our Cup and Handle neckline at $25,300 ish.
On the BTC.D chart you can see that in addition to the two major resistance areas overhead, we also have a descending trend line with (3) three perfect touch points, the third of which we are currently up against. Caution is definitely warranted in this area! And there is a much much higher degree of win probability on the short side of BTC here.
It is worth noting that just because BTC along with BTC.D pulls back, it doesn't necessarily indicate altcoins will fly. Some may. Some may not. Lately, as it has been going, alts are a bit reluctant to follow the big dawg, bitcoin, to the upside, but sure as shit to want to follow it down. And they often will exaggerate any move to the downside by a greater degree. Larger cap altcoins (ie - Ethereum) might fair okay during a bitcoin pull back, but I'd be careful on the small cap alts.
Best,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
