BTC is at critical support after failing to push higher within the pennant. This level at around 34.5k has to hold. If not, we are at the edge of a significant drop to 30k if we don't manage to hold current levels. By Monday we will know where BTC is headed.
The bearish view is that BTC is not looking great on daily, weekly or anywhere in between. We are overextended - the weekly RSI is still at 80 while daily MACD has a very bearish momentum down after crossing over.
Additionally, the BTC Dominance chart is not looking that good either, we are at 66% market cap dominance so BTC lost over 4% in market cap dominance in less than 3 days. The good news? Alts are exploding!
Therefore in the short term it is likely BTC will drop some more and lose both in terms of nominal price as well as dominance, with most of those profits going into alts! Related to that check my top 10 altcoin picks for 2021 - linked below.
The bullish case is that on Monday we get a new wave of institutional buyers, creating a hard floor for the price and we go up. However, this seems a bit unlikely in the current situation. Nevertheless, as long as we don't fall out of this pennant, we're still ok.
Let me know what you think?
Like and follow if you liked this idea!
The bearish view is that BTC is not looking great on daily, weekly or anywhere in between. We are overextended - the weekly RSI is still at 80 while daily MACD has a very bearish momentum down after crossing over.
Additionally, the BTC Dominance chart is not looking that good either, we are at 66% market cap dominance so BTC lost over 4% in market cap dominance in less than 3 days. The good news? Alts are exploding!
Therefore in the short term it is likely BTC will drop some more and lose both in terms of nominal price as well as dominance, with most of those profits going into alts! Related to that check my top 10 altcoin picks for 2021 - linked below.
The bullish case is that on Monday we get a new wave of institutional buyers, creating a hard floor for the price and we go up. However, this seems a bit unlikely in the current situation. Nevertheless, as long as we don't fall out of this pennant, we're still ok.
Let me know what you think?
Like and follow if you liked this idea!
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