Bitcoin saw the first red monthly candle, in six months.
at the weekly it seem to retest our order block at the current highs, it’s still looking more bearish but the buyback is strong with the engulfing candle, so the best thing is to wait for a weekly signal on bitcoin. Waddah Attar is resetting and our Dominance Indicator is firing a sell.
On the daily we close above the baselines, so we won’t short it. It’s in between the weekly resistance and the moving average support. So, we wait for Waddah Attar to catch up and fire that long signal but it looks like we’re in chop at the moment. If we clear the resistance we will probably go long on this one.
We clearly still trending down, we do see our first green engulfing candle but that is not enough. This is showing us that we better look for opportunities in altcoins.
Well it’s mooning, really not much to do here, it will probably go higher. It may be a blow off candle but i won’t put my money on that. We still have a limit open so any retest to the support would be great to see…
The weekly on Ethereum looks like it may be a blow off as well, biggest candle yet for Ethereum. So my question is: would you buy after the biggest weekly candle? We wouldn’t.
Monthly on Ethereum
The biggest monthly candle as well! this looks very bullish. Seven green monthly candles in a row. However volume is decreasing and RSI is very overbought, price isn’t showing any weakness as of yet. Where is the top? No one knows! Just hands off to be safe.
The ETH/BTC Pair
Price is still within our support and resistance order blocks, meaning it could go either way.
It’s looking bullish in the bigger picture, but we wait until we break resistance or retest support, potentially resulting in a long signal to buy.
TOTAL MARKET CAP:
This is looking bullish. Waddah Attar is in the green, TSI crossed as well and we recovered nicely on the weekly chart. However we are at resistance so keep that in mind, we would like to see this break.
TOTAL 2 Altcoins.
Even better than TOTAL, we already broke previous resistance. This is showing that altcoins are performing better than BTC just as BTC.d suggests as well.
Falling back inside the previous range so theoretically this can retest the bottom of the range again. On the flipside it may be making a Head and Shoulders pattern but it still needs time to form.
It looks like the whole market is a bit more bullish.
Keep in mind though, the weekly candle is flipping to the bearish side but it might take a bit more weeks to fully confirm this so until then we might be seeing some more longs. For now it starts to look like we have another alt season on our hands.
Traditionally when the DXY starts printing a lot of green, BTC starts printing more red. This is not yet the case. It looks like we might see some more downside on the DXY before it starts going up again, if and when it does BTC will probably go down.
Well, according to the charts the correction might already be over. We are well above the baselines and it looks like we broke previous resistance so there is nothing here that shows a clear weakness according to our indicators.
It seems that BTC doesn’t fit the bill for longs right now, it might be best to sit on your hands until we see some movement we can act on. Bitcoin’s Dominance decreasing looks like it has given some of the altcoins more resilience, so that’s what we have our eyes on for now.
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