Weekly BTC dominance continuing bear flag formation
Hello all,
First I want to say thank you for all your ideas and cannot express how much help they have been this year in learning the crypto space. This is my first post so feel free to share any different ideas or tips. I wanted to share some thoughts on what I see forming.
1. Dominance on the weekly is starting the formation of a textbook bear flag. When comparing historical bear flags to 2017, you can see this is just starting. I expect a couple more weeks of chop then a violent weekly red candle to kick start a very nice alt season.
2. MACD is dropping and in a couple more weeks should be red and KDJ is red and looks to continue.
3. Ichimoku cloud confirms this trend, i.e. Red and we've been under the cloud since the summer and the latest dominance rejection was at the bottom of the cloud.
4. Descending broadening wedge is forming which should lengthen the cycles.
5. BTC pair Alts have bottomed.
I don't have specific targets or times to give you. Nobody knows that. What I do know is the trend is forming for a very nice and prolonged alt season and the next couple of weeks should confirm. Buckle up, 2021 looks to be fun!
First I want to say thank you for all your ideas and cannot express how much help they have been this year in learning the crypto space. This is my first post so feel free to share any different ideas or tips. I wanted to share some thoughts on what I see forming.
1. Dominance on the weekly is starting the formation of a textbook bear flag. When comparing historical bear flags to 2017, you can see this is just starting. I expect a couple more weeks of chop then a violent weekly red candle to kick start a very nice alt season.
2. MACD is dropping and in a couple more weeks should be red and KDJ is red and looks to continue.
3. Ichimoku cloud confirms this trend, i.e. Red and we've been under the cloud since the summer and the latest dominance rejection was at the bottom of the cloud.
4. Descending broadening wedge is forming which should lengthen the cycles.
5. BTC pair Alts have bottomed.
I don't have specific targets or times to give you. Nobody knows that. What I do know is the trend is forming for a very nice and prolonged alt season and the next couple of weeks should confirm. Buckle up, 2021 looks to be fun!