The daily shows that this trend is weakining! Many Weak hands will be shaken, as they have already, as we head further down into the area of 5500-5800, Area of $5000-5500 Is untested support. This is not one support line but a WHOLE zone, If you are placing longs on longer time frame, in this region with low leverage, stops should be below 5K. Bullish divergence in this wedge showing a reversal is on the way... Target for long is set for target on wedge , then we see what happens there. As suggested in my chart Alts will take small bounce here and recover slightly before moving lower ( they will bleed, most have already broken major support, ie weekly's). This will also mean that BTC -3.55% dominance will continue to increase. If btc -3.55% breaks this wedge up or down prematurely then this TA is invalid and appropriate measures/ stop losses should be taken.
Thanks and please trade safe out there. Hope you're all well and as always DYOR.
Dylan
Thanks and please trade safe out there. Hope you're all well and as always DYOR.
Dylan
Commento:
*weakening