Golden Cross Re-test - Brief / Strong Altseason
Alternative idea for Bitcoin Dominance.
Small rising wedge breakdown on the weekly that began forming at the start of a Golden Cross of the weekly 20/100 and 50/200 MAs (and EMAs, not pictured)
Often after golden crosses, before the real bull run there is a strong re-test.
A re-test of the 100 and 200 weekly MA over the next month or so would target the exact same TP 2 as the rising wedge breakdown, around 49%.
49% also sits at the wick high of weekly support.
I see the possibility of a sharp drop down to ~49%, and if that level holds, a sharp rise up.
This could mean altseason is right around the corner, but could also mean it gets cut short around end of July or in the fall.
For a a different outlook considering a longer altseason and a sharper drop in dominance, see this other related idea:
For a short-term bearish then bullish outlook on Bitcoin Dominacne, see here:
Small rising wedge breakdown on the weekly that began forming at the start of a Golden Cross of the weekly 20/100 and 50/200 MAs (and EMAs, not pictured)
Often after golden crosses, before the real bull run there is a strong re-test.
A re-test of the 100 and 200 weekly MA over the next month or so would target the exact same TP 2 as the rising wedge breakdown, around 49%.
49% also sits at the wick high of weekly support.
I see the possibility of a sharp drop down to ~49%, and if that level holds, a sharp rise up.
This could mean altseason is right around the corner, but could also mean it gets cut short around end of July or in the fall.
For a a different outlook considering a longer altseason and a sharper drop in dominance, see this other related idea:
For a short-term bearish then bullish outlook on Bitcoin Dominacne, see here:
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