A rising channel has a greater potiential for a breakdown.
BTC is nearing the 0.618 time fib. - 0.618 indicates a possible reversal in the trend
At the moment theres a possibility for a another small bounce at high support, based on the hidden bullish divergence on RSI. if that bounce plays out, PA and RSI needs to rise greatly in order to not print a bearish divergence near the top... if it dosnt, then we are looking at a
double top with bearish div. - a double top measured move put the PA to the lower trendline.
If the lower trendline dosnt hold, then the measured move gives a possible drop of 10%, matching the support zone around 54k.
That would be a total drop of 20% in BTC
At the same time BTC dominance chart that indicates a possible reversal in BTC trend.
- its likely that we will see a pullback in BTC soon, and that will drawn must ALT prices down.
Funding rate is also overheating and could use a reset.
- As for now, I would not buy anything before I see a soild 4H candle close above the upper trend line and then i would look for a retest to enter.
If the market pulls back, i would instead look for a bounce on the lower trendlines
BTC is nearing the 0.618 time fib. - 0.618 indicates a possible reversal in the trend
At the moment theres a possibility for a another small bounce at high support, based on the hidden bullish divergence on RSI. if that bounce plays out, PA and RSI needs to rise greatly in order to not print a bearish divergence near the top... if it dosnt, then we are looking at a
double top with bearish div. - a double top measured move put the PA to the lower trendline.
If the lower trendline dosnt hold, then the measured move gives a possible drop of 10%, matching the support zone around 54k.
That would be a total drop of 20% in BTC
At the same time BTC dominance chart that indicates a possible reversal in BTC trend.
- its likely that we will see a pullback in BTC soon, and that will drawn must ALT prices down.
Funding rate is also overheating and could use a reset.
- As for now, I would not buy anything before I see a soild 4H candle close above the upper trend line and then i would look for a retest to enter.
If the market pulls back, i would instead look for a bounce on the lower trendlines
Comment:
Correction *at the same time BTC dominance chart, indicates a possible reversal in BTC trend.
