Trading crypto with BTC Dominance - Will we recover? 4 Hour
In the interest of having a more interactive chart to compliment the 1 Day chart I just published, here is the live 4 hour view. Just incase you didn't see the other publication, here is what I said.
So, are we going up or down? I believe the BTC Dominance chart has the answer.
In the simplest form, as Dominance goes up, the market goes down. As Dominance goes down, the market goes up.
In the chart above we can see this in action last night. Just before the market crashed "from the Elon Tweet" the 4 hour dominance chart was on a TD9 Buy, suggesting dominance was about to go up. What preceded was an overall market crash and rise in BTC dominance. Dominance has now risen and has been rejected by the 4 hour TD double resistance line and is now trading in the 4 hour sell zone. This may suggest be have bottomed out and the dead cat bounce is over, for now, and the greater daily market recovery trend will continue.
Moving to the daily chart , we can see on May 19th, the day of the great crash and swift bounce, BTC dominance was on a daily TD9 Buy, and bounced nearly exactly off the TD Weekly double support line, similar to the BTC price at $29.9.
What I will be watching from here, does the 4 hour double resistance line at 42.95 hold, and if it does then we can look for our market recovery to continue until we get our next TD9 Buy on June 8th. It is worth noting we are also currently in the Fibonacci golden pocket, so an area of some turbulence. I speculate, if the market does continued to recover, we will find BTC Dominance in the 4 hour TD buy zone and in the vicinity of the TD Weekly double resistance line again, and on a daily TD9 Buy. It is at that time I think the market will need to decide if the bull run continues, or if we enter a bear market. All eyes on the green line in the green zone. Either way we end up going, there should heightened volatility in our near future.
T minus 4 days till D day.
Happy trading! Remember to give a thumbs up if you like this analysis.
So, are we going up or down? I believe the BTC Dominance chart has the answer.
In the simplest form, as Dominance goes up, the market goes down. As Dominance goes down, the market goes up.
In the chart above we can see this in action last night. Just before the market crashed "from the Elon Tweet" the 4 hour dominance chart was on a TD9 Buy, suggesting dominance was about to go up. What preceded was an overall market crash and rise in BTC dominance. Dominance has now risen and has been rejected by the 4 hour TD double resistance line and is now trading in the 4 hour sell zone. This may suggest be have bottomed out and the dead cat bounce is over, for now, and the greater daily market recovery trend will continue.
Moving to the daily chart , we can see on May 19th, the day of the great crash and swift bounce, BTC dominance was on a daily TD9 Buy, and bounced nearly exactly off the TD Weekly double support line, similar to the BTC price at $29.9.
What I will be watching from here, does the 4 hour double resistance line at 42.95 hold, and if it does then we can look for our market recovery to continue until we get our next TD9 Buy on June 8th. It is worth noting we are also currently in the Fibonacci golden pocket, so an area of some turbulence. I speculate, if the market does continued to recover, we will find BTC Dominance in the 4 hour TD buy zone and in the vicinity of the TD Weekly double resistance line again, and on a daily TD9 Buy. It is at that time I think the market will need to decide if the bull run continues, or if we enter a bear market. All eyes on the green line in the green zone. Either way we end up going, there should heightened volatility in our near future.
T minus 4 days till D day.
Happy trading! Remember to give a thumbs up if you like this analysis.
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