- Bitcoin dominance is going down, and in confluence with this sideways price action, I expect a huge alt-season! It’s a great time to buy some altcoins.
- We can clearly see that the price of Bitcoin is stuck in this rising wedge pattern. Because of it, generally, there is a higher probability of the price going down, but we still have plenty of time, and the price can stay inside for another 30 or 50 days.
- We need to wait for the rising wedge pattern to show us the direction. The trendline of the rising wedge is slightly ascending, which is unpleasant to the bulls for a breakout. It tends to make swing failure patterns above the previous high, but you can take advantage of it and short it.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Trading Bitcoin on higher timeframes is currently not worth it because of its low volatility. You can still trade it on an intraday basis. But I prefer altcoins at this moment because the Bitcoin dominance chart (BTC.D) is showing some signs of weakness.
- Bitcoin broke out of the market structure in recent days but quickly went back up. So we need to be patient. To increase the probability of success, switch to altcoins!
- Litecoin’s halving event is in 6 days, which should send the price to the moon. We will see… I am prepared for it.
- This is a quick update on BTC; I am not short or long on it. I trade altcoins!
- Thank you, and for more ideas, hit “Like” and “Follow”!
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