Hello TradingView Family, this is Richard, as known as theSignalyst.
Today, I am sharing my thoughts about the overall crypto market.
1) TOTAL - Crypto Total Market Cap
2) BTC - Bitcoin
3) ETH - Ethereum
4) USDT.D - Market Cap USDT Dominance
5) BTC.D - Market Cap BTC Dominance
6) OTHERS.D - Market Cap Altcoins / OTHERS Dominance
My Comments:
1) As you noticed, TOTAL, BTC, and ETH share almost the same chart/price action. We are overall bullish trading inside the brown channel, and now approaching the lower brown trendline acting as non-horizontal support.
We are currently stuck inside a range in the shape of a symmetrical triangle. For the bulls to take over, we need a break above the last major high (projection in green)
Meanwhile, the bears can still kick in, reject the upper trendline, to form another swing low before breaking the last high. (projection in red)
2) Regarding USDT.D it is usually negatively correlated with the overall crypto market.
For the bull run to start, we need USDT.D to break the symmetrical triangle and the 3.75% downward. (projection in purple)
Meanwhile, we can still see one more correction. (projection in blue)
3) Regarding BTC.D and OTHERS.D, these two are usually negatively correlated. For the Altcoin season to start, we need BTC.D to break below the gray area/support, and OTHERS.D to break above the last high in gray.
-------------------------------------------
If you reached so far, I want to thank you for your time and hope you find this post useful.
If you like this idea let me know in the comment section below to share Part 2 next week.
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario do you think is more likely to happen? and Why?
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Today, I am sharing my thoughts about the overall crypto market.
1) TOTAL - Crypto Total Market Cap
2) BTC - Bitcoin
3) ETH - Ethereum
4) USDT.D - Market Cap USDT Dominance
5) BTC.D - Market Cap BTC Dominance
6) OTHERS.D - Market Cap Altcoins / OTHERS Dominance
My Comments:
1) As you noticed, TOTAL, BTC, and ETH share almost the same chart/price action. We are overall bullish trading inside the brown channel, and now approaching the lower brown trendline acting as non-horizontal support.
We are currently stuck inside a range in the shape of a symmetrical triangle. For the bulls to take over, we need a break above the last major high (projection in green)
Meanwhile, the bears can still kick in, reject the upper trendline, to form another swing low before breaking the last high. (projection in red)
2) Regarding USDT.D it is usually negatively correlated with the overall crypto market.
For the bull run to start, we need USDT.D to break the symmetrical triangle and the 3.75% downward. (projection in purple)
Meanwhile, we can still see one more correction. (projection in blue)
3) Regarding BTC.D and OTHERS.D, these two are usually negatively correlated. For the Altcoin season to start, we need BTC.D to break below the gray area/support, and OTHERS.D to break above the last high in gray.
-------------------------------------------
If you reached so far, I want to thank you for your time and hope you find this post useful.
If you like this idea let me know in the comment section below to share Part 2 next week.
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario do you think is more likely to happen? and Why?
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
📊I help you turn charts into a career
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
📊I help you turn charts into a career
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.