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Chart #1 - Bitcoin Dominance (BTC.D) 3-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin Dominance has steadily climbed from 39% to the 48% - 48.5% resistance zone it currently finds itself within.
Over the last couple of weeks, there has been no sign of a trend reversal back to the downside, that would give the alts some relief. A break through the current resistance will take BTC.D up to 50.5% - 52% (bearish for the alts). Whereas if it gets rejected here, it will head to 44% - 45% (bullish for the alts).
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Chart #2 - Bitcoin (BTCUSDT) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin bounced off the bottom of the channel it has been trading within, but is now pressing up against its horizontal rangeβs resistance.Β
Price is capped by resistance between $28,293, and $28,849. And that resistance should be respected and traded accordingly.Β
If bitcoin can clear that level on a closing basis, it will be a victory for the bulls, and traders can treat the recent price action as a higher low, with the next target being $33,000. If the higher low gets confirmed and the resistance is cleared, then we would be looking at something like this.Β
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Chart #3 - S&P 500 Futures (ES1!) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The ES1! on the daily sold off aggressively yesterday, making a new closing swing low - usually a sign of trend continuation and therefore pressure downward.Β
That reinforces the thesis that the stock market is still stuck within a range that has held for over a year now, and despite knocking on the range high numerous times, it has yet to crack through that level.Β
A break above the range high, with multiple closing weeks above it, will hint at a new trend potentially forming. But until then, it's still a range, and trading ranges is as simple as shorting the range high, longing the range low, and taking most of our profits in between.
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Chart #4 - TOTAL2 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
The TOTAL2 has reached $600B - $625B (area of resistance).Β
The daily ascending support line broke during last week's drop, and this line will now act as resistance.Β
If the TOTAL2 breaks through the $600B - $625B zone, the next resistance is between $660B - $680B, whereas a rejection from here would result in the TOTAL2 testing lower areas of support at $535B - $560B.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 56 today, indicating Greed.
The highest the index has been over the past seven days is 56, and the lowest is 50.
Overall Market Sentiment (Banterβs Take)
As shared in yesterday's edition of The Daily Candle, momentum oscillators had a chance to reset, and cause a bounce. But most coins have bounced into resistance.
Now, with the stock market selling off, there is cause for concern that a decoupling narrative is still very unlikely. When crypto and the stock markets trade inversely to one another, itβs uncharacteristic. Therefore it creates a trading environment in which we must be more cautious of the risk since the direction is less clear.
Stay safe my friends!
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