BTC (Y20-P4.E16).Macro.Still Bullish
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Hi all,
This is a continuation from the previous BTC post.
I have been at times using the BTC dominance chart (successfully) as a strategy tool and has recently worked really well for me, again.
Especially if your not sure, at key levels, it can assist in risk management, as per my previous post (commentary).
Since I stated that BTC dominance was to keep going up, there was really nothing to do but sit back and do something else (working on my web site - future trading courses via subscription)
I did at one stage believe the ALTs mostly bottomed, LINK was one of them. I still believe its completing this and soon the ALTs will have another phase\cycle to get their momentum back.
But you have to be patient.
If you want to know my wallet ratio, I have 80% BTC and 20% ALTs so I"m waiting for the right moment to flip a big junk of them. We are not there yet but it won't be long now.
Back to BTC.
Looking at the BTC price action, its still bullish with lower highs, and as a guide, I just used the height of the previous structure to gauge the next target which has confluence with previous levels.
Its not something I'm focused on as I will use the indicators to pin point the next pause in price action or pullback. In my opinion, we are not there yet.
Like one mentor stated, its better to do nothing at times like this, just HODL.
2 others stated that BTC can revisit 12800 range, some more bearish.
13600 reject could however be temporary. But we need to keep a close look at what's happening to sell and buy back for those little opportunities. For most, its better to do nothing, except flip pairs when
the time comes.
Take note of my ETH chart\post which tells you when. LINK is almost there and will do a ta soon.
I won't go into TA except to state that currently I'm seeing this price action with the indicators as a hidden bullish div.
I also see the structure as the chart below, as time goes by.
The difference between these 2 charts is significant. DAILY Chart. One can act as support and the other as resistance.
I have not seen anyone of my mentors talk about this.
BTC dominance chart at this point doesn't make sense so we'll have to wait for a day for the calculation to resolve the chart.
It must be an ALT or 2 that did very good price spike. Blockstack STX did well but I can't see what others did for this spike.
SP500 chart: The fact BTC is holding up while SP500 drops is a wow. Although the $1000 drop on BTC was in sync with price drop on SP500.
Please give me a like or tick for this post
Regards,
S.SAri
This is a continuation from the previous BTC post.
I have been at times using the BTC dominance chart (successfully) as a strategy tool and has recently worked really well for me, again.
Especially if your not sure, at key levels, it can assist in risk management, as per my previous post (commentary).
Since I stated that BTC dominance was to keep going up, there was really nothing to do but sit back and do something else (working on my web site - future trading courses via subscription)
I did at one stage believe the ALTs mostly bottomed, LINK was one of them. I still believe its completing this and soon the ALTs will have another phase\cycle to get their momentum back.
But you have to be patient.
If you want to know my wallet ratio, I have 80% BTC and 20% ALTs so I"m waiting for the right moment to flip a big junk of them. We are not there yet but it won't be long now.
Back to BTC.
Looking at the BTC price action, its still bullish with lower highs, and as a guide, I just used the height of the previous structure to gauge the next target which has confluence with previous levels.
Its not something I'm focused on as I will use the indicators to pin point the next pause in price action or pullback. In my opinion, we are not there yet.
Like one mentor stated, its better to do nothing at times like this, just HODL.
2 others stated that BTC can revisit 12800 range, some more bearish.
13600 reject could however be temporary. But we need to keep a close look at what's happening to sell and buy back for those little opportunities. For most, its better to do nothing, except flip pairs when
the time comes.
Take note of my ETH chart\post which tells you when. LINK is almost there and will do a ta soon.
I won't go into TA except to state that currently I'm seeing this price action with the indicators as a hidden bullish div.
I also see the structure as the chart below, as time goes by.
The difference between these 2 charts is significant. DAILY Chart. One can act as support and the other as resistance.
I have not seen anyone of my mentors talk about this.
BTC dominance chart at this point doesn't make sense so we'll have to wait for a day for the calculation to resolve the chart.
It must be an ALT or 2 that did very good price spike. Blockstack STX did well but I can't see what others did for this spike.
SP500 chart: The fact BTC is holding up while SP500 drops is a wow. Although the $1000 drop on BTC was in sync with price drop on SP500.
Please give me a like or tick for this post
Regards,
S.SAri
Nota
Hit my 1st targetNota
Small time frame...still looking strong.Nota
Why I had the top for this episode. Monthly resistance is a strong resistance so a 1st attempt is always likely to fail. A nice pullback (loading a spring) will give it the momentum to break through it. Question is how much of a pullback. 12000 to 12500 is what I'm thinking. But 12800 will be the 1st level to bounce off and is likely to fail.
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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