Starting off with some really basic stuff on the Total Crypto Market Cap. Just wanted to point out a very basic bullish idea. The all time high of the crypto market has been broken and in the last day the all time high has been retested absolutely perfectly. This is a wonderful sign for the market in the near future. Its such simple basic ideas like this Support/Resistance flip with a valid retest that will make so much more money in crypto than the fancy, overcomplex analysis. It's also very possible that we will retest this level a couple more times soon but the important thing to know is that it will provide good support. If you haven't read between the lines yet, I'll make it obvious: If we get a pullback and the Total market cap pulls back to that support, its a perfect time to consider opening positions. But you need more than this one idea, I'll come back to this in a second.
And for the sake of teaching, it's always good to have confluence between multiple ideas. Here is my USDT Dominance chart I shared a few days ago saying we had to keep an eye on this double bottom. The support level I have had drawn had a perfect breakout and retest, and this matched our ideas with the Total chart above. Again, confirms the bullish sentiment in the market.
Bitcoin Dominance is quickly approaching the neckline of the double bottom. Keep in mine, where I put the neckline may not be exact, but there is definitely a resistance zone in that area.
And a Bitcoin 2hr chart to compliment the BTC.D chart. A couple days ago I mentioned an upward break of a rising channel is mega bullish. Turns out that was the case, and it even gave us an iconic retest. That formed another rising channel earlier today and that even broke higher and now we are headed to ATH. I'm mostly showing this to display where resistance levels may be for those traders that are looking for small dips to buy in. I extended the rising channels because those will provide support in the event of pullbacks. And all of the dashed purple lines in the background will provide support as well. I even left my alert line on the chart because I'm a nice guy :)
And now we have to tie it all together. I mentioned I would come back to an idea I mentioned in the first paragraph. Find confluence between multiple ideas! Don't buy just because the TOTAL chart cane back to support, that doesnt mean your particular coin of interest is done dropping (maybe yours didnt even pullback!) Find support levels on the coin you want to buy, wait for the pullbacks to line up between the TOTAL (TOTAL2 and TOTAL3 are good too depending on the coin of interest). Look at the BTC.D chart and find its resistance and support. Buy in on confluence and you will not lose!
Questions welcome. Happy trading!
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