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Possible Move Down to Daily Support

โดย dudebruhwhoa

ที่อัปเดต:

Bitcoin Dominance may move down to daily support around ~48-49%.

Confluence:

It has failed to remain above 53.2%, which is the bottom of a resistance area
Not pictured: it has also lost the 50 day SMA and is presently pushing on the 50 day EMA
It has formed a smaller rising wedge as it moved into resistance and broke down from the bottom of that wedge (light blue diagonal) targeting ~49% for its 1x measured move down.
There is a larger rising wedge (white diagonals) that will see a confirmed breakdown if the smaller one above hits its ~49% target, and its initial target is bottom of daily support @ ~48%

How this could be invalidated:

A reclaim of the 50 day SMA (not pictured).
Get back above the 53.2% level and continue pushing through resistance.
Move back above the smaller rising wedge's bottom and get above the shared top from both rising wedges

Here's a look at the chart above, but with the 50/200 day SMAs and EMAs:

Thanks ahead for reading and sharing your thoughts!

- dudebruh

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Breakdown of the larger wedge is in progress now. Close below it this evening and we'll likely move down to ~51%, the blue wedge's TP 1 and also the top of the 200 day EMA and MA. Lose those and it's headed further down to 48-49%. Recover the wedge by close and we could see a strong spike back up above 53.2% instead.

Either way, a significant shift may be imminent, where either alts run on the move down or Bitcoin takes the lead again on the move up (another interpretation of it moving down could mean a correction for everything, but I see OTHERS.D moving up here atm):

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Here's OTHERS.D for confluence:

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Broke below the wedge and hit TP 1, have since turned up and may re-test the area near wedge bottom up to resistance at 53.2% (highlighted and labelled this area):

บันทึก

NOTE - Correction to the above - hit the **blue wedge's** TP 1, have not yet hit TP 1 on the larger white wedge which would be around 50.2%.

Remain below wedge bottom after this re-test and we should see a move down towards that daily support area eventually

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Re-testing the bottom of the wedge and the 50 day EMA/MA after losing both, daily about to close. Last time in the inner blue wedge, it closed back inside the wedge for a day and then broke down, so a bit of a fake out:

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Daily closed below the wedge after testing it again:

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Presently back above wedge bottom, though opened the day below. That said, last time we closed above wedge bottom before losing it, let's see if it happens again (potentially over a couple of days this time or after the weekly close this weekend):

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dudebruhwhoa

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