Previous Update:
Bitcoin dominance continues to look weak, which is why alts are holding stronger on dips.
Next, I am watching for a drop below 43.8 for a further decline into the 41.5-42.95 range and ETH/BTC pair to break 0.0710 sat. If this play alt market will go green!
If BTC moves strongly, we look for a lower high or bearish retest of 45.3.
The total crypto market cap already made a breakout since then got rejected at 1.382 Fibonacci level and now retesting previous high which is bullish. The next run should take us to 1.618 fibs
The alt market, however, still needs to break an all-time high. for this break out to happen, BTC.d need a break below 43.80 and ETH/BTC to break above 0.710 sat
Comparing past alt cycles with the previous bull market cycle
BTC.d VS BTC/USDT
Once Bitcoin broke to a new all-time high back in 2017, BTC dominance went bear market mode until bitcoin finally topped out.
We have a similar setup with the previous bull market from 2021 as well
ETH/BTC
For these setups to invalidate
BTC break below 56.6
BTC.D break above 51%
ETH/BTC break below 0.055 sat
I’d not necessarily expect come unless:
- crazy FUD news comes out, for example from FED punishing crypto taxes or something..
- Other unpredicted black swan events like corona dump.
- For these setups to invalidate
- BTC break below 56.6
- BTC.D break above 51%
- ETH/BTC break below 0.055 sat
Bitcoin dominance continues to look weak, which is why alts are holding stronger on dips.
Next, I am watching for a drop below 43.8 for a further decline into the 41.5-42.95 range and ETH/BTC pair to break 0.0710 sat. If this play alt market will go green!
If BTC moves strongly, we look for a lower high or bearish retest of 45.3.
The total crypto market cap already made a breakout since then got rejected at 1.382 Fibonacci level and now retesting previous high which is bullish. The next run should take us to 1.618 fibs
The alt market, however, still needs to break an all-time high. for this break out to happen, BTC.d need a break below 43.80 and ETH/BTC to break above 0.710 sat
Comparing past alt cycles with the previous bull market cycle
BTC.d VS BTC/USDT
Once Bitcoin broke to a new all-time high back in 2017, BTC dominance went bear market mode until bitcoin finally topped out.
We have a similar setup with the previous bull market from 2021 as well
ETH/BTC
For these setups to invalidate
BTC break below 56.6
BTC.D break above 51%
ETH/BTC break below 0.055 sat
I’d not necessarily expect come unless:
- crazy FUD news comes out, for example from FED punishing crypto taxes or something..
- Other unpredicted black swan events like corona dump.
- For these setups to invalidate
- BTC break below 56.6
- BTC.D break above 51%
- ETH/BTC break below 0.055 sat
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.