$BTCDOM/USDT 30m (Binance Futures) Ascending channel breakdown

23 giu 2021

#BitcoinDominance broke-down locally and is likely to retrace in the coming days.
50MA seems to be acting as resistance now, that would be a good thing for altcoins relief!

Current Price= 1113.8
Sell Entry = 1116.2 - 1128.8
Take Profit= 1073.0 | 1025.2 | 992.5
Stop Loss= 1162.2

Risk/Reward= 1:1.25 | 1:2.45 | 1:3.27
Expected Profit= +17.64% | +34.68% | +46.32%
Possible Loss= -14.16%

Fib. Retracement= 0.382 | 0.618 | 0.786
Margin Leverage= 4x
Estimated Gain-time= 5 days

23 giu 2021

Nota

Up to +10.68% (4x) profit

Bitcoin Dominance got rejected perfectly on 50MA, but entry missed by 0.2$ unfortunately.
Congrats if you entered manually, if not we may be filled on a wick up later!

24 giu 2021

Trade chiuso: obiettivo raggiunto

TP1 would have been reached with up to +20.92% (4x)

BitcoinDominance kept retracing down, 50MA still acting as resistance so far!

24 giu 2021

Nota

More information about Bitcoin Dominance index

This reflects the market dominance performance of Bitcoin.
It is a metric that traders can use to quickly get a sense of Bitcoin's value relative to that of the broader cryptocurrency market.

Unlike the real Bitcoin market dominance indicator, which is capped within 0~100%, the BTCDOM index is uncapped and more suitable for derivatives trading.
It is calculated with Bitcoin price denominated in the constituent cryptocurrency, e.g. BTC/ETH, BTC/BNB, BTC/ADA, etc.

binance.com/en/support/faq/e3b1ab97a3e24df4b0e41a469ccf7a21

24 giu 2021

Nota

Further details about Bitcoin Dominance index

When Altcoins gain market share relative to Bitcoin, the BTCDOM index loses value.
Conversely, when BTC gains market share relative to Altcoins, it will gain value.
In certain conditions, if Bitcoin falls in price, but the rest of the cryptocurrency market falls at a similar rate, then Dominance is likely to remain the same.

The universe includes the top 20 cryptocurrencies by market capitalization listed on Binance excluding Bitcoin and stable coins:
Ethereum (ETH) leading the pack obviously with around 46%, then BinanceCoin (BNB) ~9% and #Cardano (ADA) ~8%, full list attached!

28 giu 2021

Trade attivo

All entries filled

BitcoinDominance went back up and we got in this time, let's see if we can reach first target again.

28 giu 2021

Trade chiuso: obiettivo raggiunto

TP1 reached with +17.64% (4x) and +1.25R

Bitcoin Dominance kept retracing down again and Altcoins recovering nicely!

30 giu 2021

Trade chiuso: obiettivo raggiunto

TP2 reached with +34.68% (4x) and +3.27R

BitcoinDominance diving a bit more, feels great to finally be able to trade that index and nail it! 😊

5 lug 2021

Trade chiuso: obiettivo raggiunto

TP3 reached with +46.32% (4x) and +3.27R

Bitcoin Dominance finally went down for it, all targets achieved and great profit made!