History of TOTAL2 and BTC. Looks like short-term bullish trend on BTC.D to 55-56. May correlate with rise in BTC price followed by a retracement and ALT season. What do you guys think?
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Here we go....BTC.D rising
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Looks like an ascending triangle breakout targeting 60. That would feel toppy to me - tons of resistance from 58-60. Right now BTC.D rising due to Altcoins getting destroyed. My guess is that Alts get back some marketcap and the only way BTC.D can get there is with a serious rise in BTC price.
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Backtesting previous high, looks good
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Backtested support, now we go up
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Continuing up. Looking for BTC to continue with it.
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This is getting very interesting. On chain data and price structure suggests we are currently in the 28-42K area in 2021 for BTC (even though we are right at the 2021 ATH, the BTC chart suggests we are further along). If that is true then we may have just seen the top in BTC.D. If that theory is correct we should begin to see a drop in BTC.D and our first ALT season is about to really begin. TOTAL3 chart supports this. If correct, we should see TOTAL3 go parabolic in the coming weeks or month. Remember, when in begins, it typically lasts between 2-4 months.
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Looks like BTC.D may be done