Current Situation:
1. Market Structure: broke out of a bearish symmetrical triangle and now it has a measured move of about 1.6 USD. There are still quite a bit of moving averages and the previous support now resistance of about 1.25. BTC dominance currently is under all moving averages on the major timeframes up to the weekly, which could be a good signal for altcoins to run up.
2. Volume: seller volume has been trending down on the daily chart, which signals weakening seller strength and that this move could be a bounce or trend reversal.
3. RSI: we are under 50 for all major timeframes that are available to interpret. There is also bullish divergence on the daily chart.
1. Market Structure: broke out of a bearish symmetrical triangle and now it has a measured move of about 1.6 USD. There are still quite a bit of moving averages and the previous support now resistance of about 1.25. BTC dominance currently is under all moving averages on the major timeframes up to the weekly, which could be a good signal for altcoins to run up.
2. Volume: seller volume has been trending down on the daily chart, which signals weakening seller strength and that this move could be a bounce or trend reversal.
3. RSI: we are under 50 for all major timeframes that are available to interpret. There is also bullish divergence on the daily chart.
Note
*These are purely my speculations and are not financial advice.
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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.