ππ Crypto back to up-only mode? RUNE long trade imminent?
Bitget winner - 4387090949
Chart #1 - Bitcoin Dominance (BTC.D) 3-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin dominance has been ranging between 39% and 48% since May 2021. It is now at the top of the range again.Β
Is this bad for the alts? Well, it has been rejected at least five times here in the last two years. And as Kyle likes to say, "the trend is your friend until the end of the trend".
So if it follows that trend, it should head back down to 45% (support) from here. But if the unpredictable happens, and bitcoin dominance skyrockets, it might reach 51%. And that will be bad for the alts!
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Chart #2 - THORChain (RUNEUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
RUNE is starting to show potential signs of shifting!
It has already created a higher low on the daily, so once it breaks the momentum trend line (downtrend line), we are good to enter a long trade.Β
Stops should be placed under the prior swing lows.
Remember, we want to scale in slowly as this is a swing trade, which means it could take weeks to play out.
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Chart #3 - Gold 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Gold is breaking its trend to the downside. And you know what that means?
I'm entering a short trade!
My entry is at $1,963, my stop loss is at $1,986, and my take profits level is at $1,834. Simple!
Iβm trading it on PrimeXBT, check it out below ‡οΈ
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Chart #4 - Bitcoin (BTCUSDT) 3-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin finds itself at $28,650 - $30,000 (resistance), an area that held as critical support in 2021 and part of 2022, before BTC breached it last June.Β
Bitcoin has been trying to break through this tough resistance but keeps getting rejected. If - or more like when - it eventually accomplishes the feat, it should head to $32,000 - $34,000.
A rejection will take it to its weekly 200 Moving Average at $25,400.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 60 today, indicating Greed.
The highest the index has been over the past seven days is 64, and the lowest is 57.
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Overall Market Sentiment (Banterβs Take)
Bitcoin is facing some resistance, but a clean break and hold above $29,000 would open the way for a $32,000 bitcoin as the next target. The up-only mode of crypto has left many in disbelief as level after level keeps getting reclaimed.
Stay safe my friends!
Go to our Crypto Banter Discord here where Sheldon and Kyle give updates on the charts and trades from The Daily Candle newsletter!
Bybit winner - 26978052