Bitcoin dominance to stay above resistance $33,500? Technical analysis on BTC crypto.
If Bitcoin stays there will be trouble, If Bitcoin goes we will see double...
Below is a BTC/USDT chart on the Daily Timescale from blog post on 01/26/2021. As you can see the perceived breakout area was respected after a bounce on the Second Point of Demand (White Line). The million dollar question now is... Will Bitcoin stay above the sloping line of resistance at $33,500 or will Bitcoin go back into the descending wedge formation?
When coming to a conclusion in Technical Analysis on Cryptocurrency specifically there are about... another million things to consider:
What are World Markets doing? - World Catalysts - World News - Local News (Region or Country) - Political Events -DXY (Dollar Index)
What is Bitcoin Doing? - Bitcoin Dominance (BTC.D) - Total Crypto Market Cap (TOTAL) - Total Crypto Market Cap Excluding Bitcoin (TOTAL2) - Macro Trend and Corresponding Strength / Weakness - Micro Trend and Corresponding Strength / Weakness - Indicators for specific metrics... The list goes on.
Then we analyze Altcoins... This is where it gets fun people! We apply traditional and non-traditional applications on Alternative Cryptocurrency Markets to in turn reap Asymmetric Returns on our Investment. Here is an example:
1INCH/USDT on the 30 Minute Timescale identified and pointed out in Killer Whale Premium Channel with a Descending Broadening Formation. Entry at $2.33... now sitting at $4.92 or approximately 111% in just 3 days. This is what happens when you apply traditional analysis to a market with asymmetric percentage gains. Its absolutely beautiful people. My mission in life is to get us all to the level that we achieve whatever we set our trading minds to long term.
"Someone is sitting in the shade today because someone planted a tree a long time ago" -Warren Buffet
Stay Strong Friends