$BTCDOM/USDT 4h (Binance Futures) Falling wedge on support

16 Ağu 2021

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

16 Ağu 2021

İşlem aktif

Both entries filled

Bitcoin Dominance is bouncing on wedge support so far and could break-out soon.

18 Ağu 2021

Not

Local bottom is in play

Bitcoin 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)!

18 Ağu 2021

İşlem kapandı: hedefe ulaştı

TP1 reached with +23.85% (5x) and +1.25R

Bitcoin 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!

25 Ağu 2021

Not

Back above 50MA

Bitcoin 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!

31 Ağu 2021

İşlem elle kapatılmış

Remaining position closed with -3.45% (5x) and -0.19R

Bitcoin 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!