For the record, I'm completely fine getting this one wrong, and I will not be participating in this short trade. However, I look at the chart from both perspectives and base my decisions accordingly. I'm a HUGE Bitcoin bull and I love it when Bitcoin pumps, but I gotta call it as I see it for now. The last time everyone was calling Head & Shoulders, and I just didn't see it. This time, it looks a little bit different, but it can still EASILY get invalidated if It's super bullish, and closes above previous highs. I don't typically say this, but it's "possible" Bitcoin is putting in a local top here. it "could" be a bearish head and shoulders pattern. If the price cannot close above the top of the channel, we'll likely start the overdue correction.
If you look at the Dominance chart, technically, if we got the correction now it would make total sense. Dominance would fall off hard and we would start to see the beginning stages of the Altcoin rally.
I would like to see a big rejection wick on Dominance to confirm this.
If you look at the Dominance chart, technically, if we got the correction now it would make total sense. Dominance would fall off hard and we would start to see the beginning stages of the Altcoin rally.
I would like to see a big rejection wick on Dominance to confirm this.
Comment:
We see the market is still bullish and we have pushed higher, if this consolidation period was simply a bull flag, we may see a push towards $30K. We still need to be cautious, as there is bearish divergence on several time frames.