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Author Topic: [Charts] Cyrpto Market Weekly MA Bullcross & Altcoin Dominance Looking Bullish  (Read 294 times)
dragonvslinux
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January 21, 2020, 08:03:40 PM
Last edit: February 26, 2020, 09:42:47 AM by dragonvslinux
Merited by Morbid (1)
 #1

Cyrpto Market About To Bullcross: 50 & 100 Week MA - Active Long



Source: TradingView, February 7th 2020. Screenshot: January 30th 2020.

Similar to Altcoin dominance looking bullish , the crypto market total capitalization is close to it's two year long resistance downtrend line, with a 50 & 100 Week MA bull-cross anticipated in a week or two, as well as on a Green 3 TD Sequential. I'm skeptical this can be broken this week, but if there is continuing rising volume , it's becomes trade worthy (2.1 reward/risk).

A close above the resistance trend-line, with the Green 3 above the Green 2 would be a case for a move to the previous swing high around $332B. Breaking below $210B would likely lead to a fall to the recently created support trend-line at $200B. CMF is positive and rising, MACD is bull-crossing this week, waiting for RSI to break above resistance level around 55 and into bullish territory >60.




Altcoin Dominance Eyeing Up A Breakout to 40% - Cancelled Long



Source: TradingView, January 21st 2020. Screenshot: February 7th 2020.

With altcoin dominance closing back above the rising 200 Week MA last week, confirming Bitcoin's long-term weakness in market dominance, "ALT.D" ( 1-BTC .D+99) has again held the 30% support a second time and is looking for a breakout above 33.75% with a target to 40%.

This would additionally be a TD Sequential trade on the Weekly chart with a Green 2 going above a Green 1, with oscillators ( RSI , CMF and MACD ) pointing to further upside. There will likely be some resistance and profit taking around the 50 Week MA around 35%, half way to the target, but I don't expect it to hold for long if volume continues to rise. The momentum would likely be too strong preceeding the confirmed trend change.

Reward/risk: 2.1
Entry: 33.76% - TD buy signal and and new swing high since July 2019
Target: 40.7% - Previous support level as resistance and 100 Week MA confluence
Stop Loss: 30.50% - Breakdown below the open of the 1 candle, 21 Week MA and into support range = bearish

To me, this is a perfect trade.


References:
https://www.youtube.com/watch?v=M3TzVgGyBFs
https://www.youtube.com/watch?v=7wBg1lBKtyg








Previous Altcoin Technical Analysis:

Altcoin Speculation Coming Soon... (October 2019) - Active Long



Altcoin Dominance Bouncing From 0.382 Fib Retracement (September 2019)) - Active Long





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January 21, 2020, 08:30:30 PM
 #2

Thank you for the post
i saw a good chart that shows the dominance of Bitcoin and the Dominance of alts
and it really looks like Bitcoin is going to go lower and alts are going to go higher by analysis
i really hope that its right since i am almost all in ALTS
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January 21, 2020, 09:06:32 PM
 #3

Honestly, there should be no surprises that the alt market is this bullish.

Alts have been undervalued against BTC for a while now given the fact that even during the recovery, BTC rallied while alts stayed relatively the same level throughout.

Expect significant pumps coming from major altcoins when it comes to times where BTC is stable and isn't taking liquidity away from the alts markets. Bitcoin dominance could continue to slip for a while for sure.

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January 21, 2020, 10:03:09 PM
 #4

Well I wanted to see if we can really break the MACD this week and stay bullish territory >60.

This is going to be critical as bitcoin is still on the bullish trend and it's effect trickling on the Altcoin market for the firs time. It might be tricky, but if we can pass it this week, it is a healthy sign that altcoin market is back.

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dragonvslinux
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January 22, 2020, 10:24:42 AM
 #5

Well I wanted to see if we can really break the MACD this week and stay bullish territory >60.

This is going to be critical as bitcoin is still on the bullish trend and it's effect trickling on the Altcoin market for the firs time. It might be tricky, but if we can pass it this week, it is a healthy sign that altcoin market is back.

Just noticed the CMF is also at the same "critical levels", a move above 0.15 would result in the same buying pressure as in 2017 & 2018 periods. This is why I also wouldn't be surprised to also see altcoin dominance rejected at current levels rather than breakout, hence waiting for a breakout before longing any more alts. While probability points to further upside, if sellers get dominance rejected where it is now, it would be result in rejection from the neutral/bullish rsi and critical cmf levels, as well as look like a macd fakeout. This would also be very reminiscent of June/July 2016, where there was nice bounce, followed by another 6 months of consolidation, so wouldn't be out the ordinary either.



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January 23, 2020, 09:00:56 AM
 #6

Altcoin Dominance Eyeing Up A Breakout to 40% - Inactive Long



Source: TradingView, January 21st 2020.




Update to above chart, just noticed altcoin dominance has confirmed a golden cross  Cool

Quote from: TradingView
50 & 200 Day Golden Cross on Daily chart, confirming bullish confluence with Weekly perspective:



Last seen February 3rd 2019 before dominance rallied 9.4% from confirmation to peak:



If early 2019 bullish move repeats itself, this would take dominance to 42%, the previous support and breakdown level that should now act as strong resistance.

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January 23, 2020, 12:34:17 PM
 #7

For now, it seems the market is moving up and down simultaneously. Both Bitcoin and altcoins are rising and then both of them are also falling at the same time in retracement. Right now, in fact, Bitcoin and the major altcoins are all in red at the same time. Notwithstanding, I guess the overall market condition is geared toward a bullish season. But this is not going to be an exclusive altcoin bull run. Bitcoin is on the lead.

 
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January 23, 2020, 01:41:44 PM
 #8

For now, it seems the market is moving up and down simultaneously. Both Bitcoin and altcoins are rising and then both of them are also falling at the same time in retracement. Right now, in fact, Bitcoin and the major altcoins are all in red at the same time. Notwithstanding, I guess the overall market condition is geared toward a bullish season. But this is not going to be an exclusive altcoin bull run. Bitcoin is on the lead.

There's only selected altcoin who were not dead yet who rising in contrast with bitcoin's increase, but we'll have to be more careful by now. The situations was still not safe to buy while it's quicker to decline. It's always certain to study the chart, instead of relying on actual signals because crypto market will change randomly at any random behavior.

 
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January 23, 2020, 02:27:58 PM
 #9

For now, it seems the market is moving up and down simultaneously. Both Bitcoin and altcoins are rising and then both of them are also falling at the same time in retracement. Right now, in fact, Bitcoin and the major altcoins are all in red at the same time. Notwithstanding, I guess the overall market condition is geared toward a bullish season. But this is not going to be an exclusive altcoin bull run. Bitcoin is on the lead.

Yeah, the market is falling red at the same time and I can say that all altcoins will also follow in the footsteps of bitcoin in its movements, see after there is a little pumping altcoin also move what is possible now it can only be prediction of bitcoin?
And bitcoin can't last long at $9000, maybe it's just a correction?

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January 23, 2020, 07:04:33 PM
 #10

If this charts happens, its great but at the same time remember there has been a million right charts and a million wrong ones as well. If you are good enough, you can pick the perfect indicator for at the same time, if not you can literally find another example of what has happened before and what it looks now, compare them.

Just because one chart says something doesn't mean it will happen, doesn't mean its wrong neither, its just one way of looking at a thing that has a million ways to look at, if you are an expert chart reader, you can literally find a chart right now that is saying bitcoin will go down as well as go up. Hopefully, all the bull ones happens to be correct and all the bear ones happen to be wrong in the future because altcoins have been in downfall for way too long.

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January 24, 2020, 04:26:25 AM
 #11

For now, it seems the market is moving up and down simultaneously. Both Bitcoin and altcoins are rising and then both of them are also falling at the same time in retracement. Right now, in fact, Bitcoin and the major altcoins are all in red at the same time. Notwithstanding, I guess the overall market condition is geared toward a bullish season. But this is not going to be an exclusive altcoin bull run. Bitcoin is on the lead.

Yeah, the market is falling red at the same time and I can say that all altcoins will also follow in the footsteps of bitcoin in its movements, see after there is a little pumping altcoin also move what is possible now it can only be prediction of bitcoin?
And bitcoin can't last long at $9000, maybe it's just a correction?

What happened was initially a correction for me. But it went a little too deep that it lost a strong support somewhere $8,500. I guess there is a possibility that this will move down more. Let's wait and see where Bitcoin goes next. And the altcoins, too. They are like one body right now.

 
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January 24, 2020, 11:46:21 AM
 #12

Harsh rejection on BTC.D 4hr chart* from re-testing the legacy support trend-line, close to the 200 Week MA, and following a 9 sell signal:



For reference sake this is the ascending wedge I am looking at on BTC.D. Note the 200 Week MA that is sloping downwards and acting as resistance:



*4hr ALT.D chart doesn't exist


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January 24, 2020, 12:41:12 PM
 #13

Sorry I don't believe in charts maybe that's why I'm not good at trading, I don't see any improvement on altcoin movement and I think changes can only hit altcoins if bitcoin grows higher in value, altcoins are too weak to do this on their own

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January 24, 2020, 12:50:42 PM
 #14

If this charts happens, its great but at the same time remember there has been a million right charts and a million wrong ones as well. If you are good enough, you can pick the perfect indicator for at the same time, if not you can literally find another example of what has happened before and what it looks now, compare them.

Just because one chart says something doesn't mean it will happen, doesn't mean its wrong neither, its just one way of looking at a thing that has a million ways to look at, if you are an expert chart reader, you can literally find a chart right now that is saying bitcoin will go down as well as go up. Hopefully, all the bull ones happens to be correct and all the bear ones happen to be wrong in the future because altcoins have been in downfall for way too long.

I always say, the wonderful thing about these trading charts is you have at worst 50/50 chance, even if you don't know what you're doing, you could still end up saying all the right things. Take 2017 as the best example, when everyone literally thought they had found the secret to trading. Easy of course when everything went up.

But I don't think that's the point of this thread... Keep as informed as possible, so thank you OP:)

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January 25, 2020, 03:06:25 AM
 #15

Sorry I don't believe in charts maybe that's why I'm not good at trading, I don't see any improvement on altcoin movement and I think changes can only hit altcoins if bitcoin grows higher in value, altcoins are too weak to do this on their own

Charts are just guides. They are not crystal balls that would really tell you what is going to happen with the price the next hour or day. Charts suggest different possibilities. Some may be true and some are not.

I agree with you that Bitcoin will have to create a really huge rally first before the altcoins will follow suit.

 
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January 25, 2020, 02:56:16 PM
 #16

Bitcoin will continue to dominate markets, in large part because of it's relatively widespread acceptance when compared to even the most well-known of alt-coins. What's safe is to indeed sell 80-90 percent or more of your altcoins to Bitcoin and wait until 2021. Bitcoin should definitely have it's second rally after the halving in May. Altcoins will continue to bleed. In this year and 2021 most altcoins will be dead. Future of each coin is rely on the scope and type project behind it.

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January 27, 2020, 02:15:58 AM
 #17

Sorry I don't believe in charts maybe that's why I'm not good at trading, I don't see any improvement on altcoin movement and I think changes can only hit altcoins if bitcoin grows higher in value, altcoins are too weak to do this on their own

Charts are just guides. They are not crystal balls that would really tell you what is going to happen with the price the next hour or day. Charts suggest different possibilities. Some may be true and some are not.

I agree with you that Bitcoin will have to create a really huge rally first before the altcoins will follow suit.

I don't think the rally would have to be as high as you think it needs to be. As people start to profit off of their Bitcoin investment, they'll be looking to alts for other opportunities to make a little bit of profit. I think once Bitcoin gets over $10k and people start taking profit from that, they'll start investing in some of the alts and that will help the altcoin market out tremendously. It seems like all signs are pointing to a coming altcoin rally.

 
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January 27, 2020, 12:08:45 PM
 #18

I'm curious if this is gonna continue into wide market with more and more of new products coming into or if people will finally make up their minds and become BTC // ETH // XRP fans and stick to the big names and start some kind of real competition for BTC. First option would mean we are still very young market that is looking for quick gains and the second options says crypto is growing mature and serious. In first case even if we get a strong altcoin dominance it will be very seasonal and is gonna pull back strongly to BTC in some time. If the money flow centralizes among the big names and spreads quite evenly with some dominant force (probly btc to stay) then it could go on like that for quite some time even with BTC potentially losing it's #1 spot.
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January 27, 2020, 02:37:10 PM
 #19

Comment to the Altcoin Dominance chart:

Quote from: TradingView
Altcoin dominance looks like it wants to pop upwards 5.35% (measured move) from Daily ascending triangle. Currently poking at resistance:


For reference sake, this would take dominance close to the 50 Week MA anticipated resistance around 35% (and falling):



Recent Bitcoin TA below is also providing nice confluence for the overall cyrpto market bullish sentiment:


Hence total crypto market cap breaking above the 200 Day MA and now re-testing strong resistance level (and long-term downtrend resistance):


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January 27, 2020, 08:09:58 PM
 #20

Patience is a virtue  Smiley


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