$BTCDOM/USDT 4h (Binance Futures) Falling wedge on support
Bitcoin Dominance is looking locally bottomed here and another dead-cat bounce is likely.
High Time-Frame still looks bearish, but first we expect it to break out of the parallel channel retesting 50MA!
Then, if the wedge is broken as well it would probably go revisiting 200MA and descending TL.
Current Price= 966.7
Buy Entry = 968.7 - 955.5
Take Profit= 1008.0 | 1039.2 | 1091.9
Stop Loss= 1039.8
Risk/Reward= 1:1.25 | 1:2.1 | 1:3.53
Expected Profit= +23.85% | +40.05% | +67.45%
Possible Loss= -19.10%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 5x
Estimated Gain-time= 10 days
High Time-Frame still looks bearish, but first we expect it to break out of the parallel channel retesting 50MA!
Then, if the wedge is broken as well it would probably go revisiting 200MA and descending TL.
Current Price= 966.7
Buy Entry = 968.7 - 955.5
Take Profit= 1008.0 | 1039.2 | 1091.9
Stop Loss= 1039.8
Risk/Reward= 1:1.25 | 1:2.1 | 1:3.53
Expected Profit= +23.85% | +40.05% | +67.45%
Possible Loss= -19.10%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 5x
Estimated Gain-time= 10 days
Transaction en cours:
Both entries filled
Bitcoin Dominance is bouncing on wedge support so far and could break-out soon.
Bitcoin Dominance is bouncing on wedge support so far and could break-out soon.
Trade fermée: cible de profit atteinte:
TP1 reached with +23.85% (5x) and +1.25R
Bitcoin Dominance pumped as expected and regained 50MA, confirming the wedge break-out.
Perfect way to hedge big ALTs against BTC using USDT, this index is surely something!
Bitcoin Dominance pumped as expected and regained 50MA, confirming the wedge break-out.
Perfect way to hedge big ALTs against BTC using USDT, this index is surely something!
Commentaire:
Back above 50MA
Bitcoin Dominance dipped down to demand zone without stopping us out then bounced back twice already.
100EMA is acting as strong resistance but we believe next attempt should be enough to break it!
Bitcoin Dominance dipped down to demand zone without stopping us out then bounced back twice already.
100EMA is acting as strong resistance but we believe next attempt should be enough to break it!
Trade fermée manuellement:
Remaining position closed with -3.45% (5x) and -0.19R
Bitcoin Dominance tried but was not able to regain 100EMA then broke-down bearish after.
Too bad for that hedge, very good for Altcoins to keep shining, summer has not ended yet!
Bitcoin Dominance tried but was not able to regain 100EMA then broke-down bearish after.
Too bad for that hedge, very good for Altcoins to keep shining, summer has not ended yet!
Bitcoin Dominance has successfully broken and retested the descending channel.
Now would be a good time to add to the position especially if you are over exposed in big ALTs vs BTC on Spot (or Margin)!