Overview
Chart #1 - Bitcoin Dominance (BTC.D) Daily
Chart #2 - Ethereum to Bitcoin Ratio (ETHBTC) Daily
Chart #3 - Gold (XAU) Daily
Chart #4 - Polkadot (DOTUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Bitcoin Dominance (BTC.D) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Last night, BTC rallied to almost $45,000 on some exchanges.
This also resulted in a surge in the Bitcoin Dominance, currently at the 55% resistance.
The STOCH RSI is overbought, so I expect a pullback from either here or 56.3%.
A retrace takes it to 53%.
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Chart #2 - Ethereum to Bitcoin Ratio (ETHBTC) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
ETH/BTC on the left has broken down some very key levels, and bulls need to strike back immediately to defend. This is why Bitcoin dominance is rampaging towards the upside!
ETH/USD on the right-hand side, though, is still looking strong and continuing its trend onwards and upwards. It has a weekly candle which closed outside the ascending triangle, thus confirming the breakout.
The ultimate target is $3,200.
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Chart #3 - Gold (XAU) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
On Gold, we have moved the stop loss to break even and taken 33% of the trade off the table.
We are looking for a proper break of this upsloping trend line to confirm the trend is broken and then to have the price accelerate down to the range quarterly at 1960 and then 1843 at the mid-range.Β
All in all, itβs looking good to play out, and the trade is now risk-free.
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Chart #4 - Polkadot (DOTUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
DOT is at $5.85, and has claimed the bottom of the range resistance.
After last nightβs BTC rally, many altcoins need to catch up, and DOT could rise to the occasion, with the next resistance level at the range high of $6.20.
If it breaks through, $7.00 - $7.25 is next.
A rejection, though, takes it to $5.50.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 72 today, indicating Greed.
The highest the index has been over the past seven days is 75, and the lowest is 71.
Banterβs Take
Bitcoin continues to remain supreme, pushing higher and higher with altcoins popping off one at a time.
If Bitcoin creates a range and dominance ranges too, this is where altcoins will really start to pop off.
Stay safe my friends!
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