$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
Dagangan aktif
Both entries filledBitcoin Dominance is bouncing on wedge support so far and could break-out soon.
Nota
Local bottom is in playBitcoin 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)!
Dagangan ditutup: sasaran tercapai
TP1 reached with +23.85% (5x) and +1.25RBitcoin 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!
Nota
Back above 50MABitcoin 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!
Dagangan ditutup secara manual
Remaining position closed with -3.45% (5x) and -0.19RBitcoin 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!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.