Hello TradingView Family, this is Richard, as known as theSignalyst.
Today, I am sharing my thoughts about the overall crypto market.
1) TOTAL - Crypto Total Market Cap
2) BTC - Bitcoin
3) ETH - Ethereum
4) USDT.D - Market Cap USDT Dominance
5) BTC.D - Market Cap BTC Dominance
6) OTHERS.D - Market Cap Altcoins / OTHERS Dominance
My Comments:
1) As you noticed, TOTAL, BTC, and ETH share almost the same chart/price action. We are overall bullish trading inside the brown channel, and now approaching the lower brown trendline acting as non-horizontal support.
We are currently stuck inside a range in the shape of a symmetrical triangle. For the bulls to take over, we need a break above the last major high (projection in green)
Meanwhile, the bears can still kick in, reject the upper trendline, to form another swing low before breaking the last high. (projection in red)
2) Regarding USDT.D it is usually negatively correlated with the overall crypto market.
For the bull run to start, we need USDT.D to break the symmetrical triangle and the 3.75% downward. (projection in purple)
Meanwhile, we can still see one more correction. (projection in blue)
3) Regarding BTC.D and OTHERS.D, these two are usually negatively correlated. For the Altcoin season to start, we need BTC.D to break below the gray area/support, and OTHERS.D to break above the last high in gray.
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If you reached so far, I want to thank you for your time and hope you find this post useful.
If you like this idea let me know in the comment section below to share Part 2 next week.
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario do you think is more likely to happen? and Why?
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Today, I am sharing my thoughts about the overall crypto market.
1) TOTAL - Crypto Total Market Cap
2) BTC - Bitcoin
3) ETH - Ethereum
4) USDT.D - Market Cap USDT Dominance
5) BTC.D - Market Cap BTC Dominance
6) OTHERS.D - Market Cap Altcoins / OTHERS Dominance
My Comments:
1) As you noticed, TOTAL, BTC, and ETH share almost the same chart/price action. We are overall bullish trading inside the brown channel, and now approaching the lower brown trendline acting as non-horizontal support.
We are currently stuck inside a range in the shape of a symmetrical triangle. For the bulls to take over, we need a break above the last major high (projection in green)
Meanwhile, the bears can still kick in, reject the upper trendline, to form another swing low before breaking the last high. (projection in red)
2) Regarding USDT.D it is usually negatively correlated with the overall crypto market.
For the bull run to start, we need USDT.D to break the symmetrical triangle and the 3.75% downward. (projection in purple)
Meanwhile, we can still see one more correction. (projection in blue)
3) Regarding BTC.D and OTHERS.D, these two are usually negatively correlated. For the Altcoin season to start, we need BTC.D to break below the gray area/support, and OTHERS.D to break above the last high in gray.
-------------------------------------------
If you reached so far, I want to thank you for your time and hope you find this post useful.
If you like this idea let me know in the comment section below to share Part 2 next week.
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario do you think is more likely to happen? and Why?
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
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.
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
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.