The Bull Case for Bitcion - BITCOIN DOMINANCE Cup and Handle
Here is what I am looking at for the potential bull case for Bitcoin in this volatile market. There is a Cup and Handle Pattern developing on ticker BTC.D aka Bitcoin Dominance. This tracks how strong Bitcoin is against all alt coins. If this breaks to the upside past the neckline, we could see a 13% pump to the upside against altcoins. This in turn could also pump Bitcoin ticker BTC to be clear, up 13% also. The price target for this potential long trade would be $49,000 - $50,000.
If you are Trading any breakouts, always watch the volume. In a perfect world you will want to see a volume spike to confirm the breakout. Next issue is Throwbacks and the fact that a Tweet can influence the market.
The narrative going around right now is that Bitcoin will start recovering after all the coordinated FUD is over with. A good indication that the narrative is changing is you will start to see some hype about Bitcoin and it should start winning some of those arguments. Especially, the electricity narrative and how much Bitcoin is actually mined using clean energy and how that will improve over time.
If you like these updates give me a follow and a like and I'll keep calling it like I see it.
And if you are wondering what the big read diamond is and yellow x's, I use Market Cipher. If you haven't seen anything about the creator of the indicator, go check out @CryptoFace on YouTube he is a legit trader using only this system to crush it. Good community too.
- Flava
If you are Trading any breakouts, always watch the volume. In a perfect world you will want to see a volume spike to confirm the breakout. Next issue is Throwbacks and the fact that a Tweet can influence the market.
The narrative going around right now is that Bitcoin will start recovering after all the coordinated FUD is over with. A good indication that the narrative is changing is you will start to see some hype about Bitcoin and it should start winning some of those arguments. Especially, the electricity narrative and how much Bitcoin is actually mined using clean energy and how that will improve over time.
If you like these updates give me a follow and a like and I'll keep calling it like I see it.
And if you are wondering what the big read diamond is and yellow x's, I use Market Cipher. If you haven't seen anything about the creator of the indicator, go check out @CryptoFace on YouTube he is a legit trader using only this system to crush it. Good community too.
- Flava