Breakout point: 2706.15
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(ETHUSDT 1D chart)
The key is whether the price can rise above the important support and resistance area of 2419.83-2706.15 and maintain it.
Therefore, when the 2706.15 point is broken upward, it can be said that a breakout trade is possible.
The conditions for a breakout trade are:
- OBV must rise above the High Line and be maintained,
- OBV oscillator must show an upward trend,
- StochRSI indicator must show an upward trend.
However, it is better if StochRSI indicator has not entered the overbought zone.
When the rise begins, the resistance zone is expected to be around 3265.0-3321.30.
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Although funds are continuously flowing into the coin market, it may feel like the trading volume has decreased.
The reason for this is thought to be that BTC dominance is generally showing an upward trend.
The meaning of BTC dominance rising means that funds in the coin market are concentrated toward BTC.
Therefore, I think that the overall trading volume has decreased because more funds are needed for the price to rise.
When the altcoin bull market begins, more transactions will occur, which will make you think that liquidity has increased in the coin market.
Therefore, for the altcoin bull market to begin, the BTC dominance must fall below 55.01 and remain there or continue to fall.
If the USDT dominance remains below 4.97 or continues to fall, the coin market is likely to rise.
At this time, depending on the BTC dominance mentioned earlier, you can distinguish whether the rise is focused on BTC or whether the altcoin is also rising.
If the BTC dominance continues to rise, most altcoins are likely to gradually move sideways or fall.
Therefore, if you are trading altcoins in this situation, I think it would be useful to increase the number of coins (tokens) corresponding to profit while responding quickly and briefly.
In other words, it means selling the purchase amount (+including transaction fees) when the price rises by purchase price, leaving the number of coins (tokens) corresponding to profit.
The coins (tokens) increased in this way are coins (tokens) with an average purchase price of 0, which will reduce the psychological burden when the altcoin bull market begins, allowing you to obtain a good average purchase price.
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Thank you for reading to the end.
I hope you have a successful transaction.
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- This is an explanation of the big picture.
(3-year bull market, 1-year bear market pattern)
I will explain more details when the bear market starts.
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