Well, clearly my stubborn bullishness hasn't paid off in the short term. When do I flip bearish? When I see the monthly close below the 9 EMA, and some of these previous supports violated on the major indexes (TOTAL and TOTAL2). TOTAL2 (right) is still a long ways from the death cross itself, but I suppose this also means it has a lot more to fall. It can also mean that the daily death cross (red over teal) simply won't happen. Right now the altcoin index is resting on the previous uptrend channel resistance. Holding it as support would be extremely bullish.....but we must be aware of the potential downside if it fails. This could cut TOTAL2 nearly in half from here, putting ETH sub $1k and many weaker alts back to some previous bear market lows, including Litecoin (unfortunately).
As for TOTAL, the current level is very close to the high from January, so it would be a sign of strength to see it hold as support. And believe it or not, this could produce continuation towards new highs later this year.
I redeployed about 15% of my initial risk back into the market in this range. I do not plan on adding any more for now, since I'd first like to see where buyers finally step in.
These are the trendlines I'm watching for TOTAL
Here's the monthly, showing that we could finally close below the 9 EMA if we don't get a bounce soon.
Here's Bitcoin dominance. Honestly, I was expecting it to shoot up to 51% pretty quickly, but it may just get stropped at the yellow trendline if the market bounces here.
Bitcoin itself has this trendline on the Coinbase chart. Watching this closely as well:
As always, this is not financial advice! Clearly I've been wrong in calling for continuation at this point. Of course, in a few months I may end up being right. Or crypto will be dead. But the longer it's around, the longer it cements itself as an integral part of our society. I find this stuff fascinating. As such, this should be used for speculation and entertainment only.
-Victor Cobra
As for TOTAL, the current level is very close to the high from January, so it would be a sign of strength to see it hold as support. And believe it or not, this could produce continuation towards new highs later this year.
I redeployed about 15% of my initial risk back into the market in this range. I do not plan on adding any more for now, since I'd first like to see where buyers finally step in.
These are the trendlines I'm watching for TOTAL
Here's the monthly, showing that we could finally close below the 9 EMA if we don't get a bounce soon.
Here's Bitcoin dominance. Honestly, I was expecting it to shoot up to 51% pretty quickly, but it may just get stropped at the yellow trendline if the market bounces here.
Bitcoin itself has this trendline on the Coinbase chart. Watching this closely as well:
As always, this is not financial advice! Clearly I've been wrong in calling for continuation at this point. Of course, in a few months I may end up being right. Or crypto will be dead. But the longer it's around, the longer it cements itself as an integral part of our society. I find this stuff fascinating. As such, this should be used for speculation and entertainment only.
-Victor Cobra
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Now that the market has bounced, it seems that dominance may actually be heading towards 51% or so. This is good for bitcoin in the short term, I think.
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Market continues to bounce since I made this post. Should be able to provide some updates within the next day or two.
