On the HOURLY chart, BTC dominance has been trying to break out above the highlighted RECTANGLE pattern (which basically is a range with two horizontal boundaries).
If succesful, the target would be exactly 60% Bitcoin dominance. That’s why the altcoins are taking a hit so far this weekend.
Best case scenario (for the alts) is a rejection here, without a single candle close above 59.30%.
We really want this forming TRIPLE TOP (also refer to my previous post, the 4-hr chart) to be established as that would most likely trigger further downside, towards the main support zone (58.6 – 58.85% range).
Yet again, this is a WAVE 5 impulse move, targets still haven’t hit (59.6% and 60.3% based on Elliot’s Wave Theory), so the responsible thing to do before taking any more exposure to alts would be to wait for this last WAVE to complete, or at least wait for a BEARISH market structure shift (as in, for the BTC.D to put in a lower low: below the support zone, <58.6%).
So far, the breakout is looking a bit suspect, which is good and let's hope it fails miserably (unless you are BTC Maxi).
Today and tommorow, I'm working on best set-ups for the upcoming week, a lot of coins look ready to fly, it is ALL about the selection from now on, so choose wisely.
Another pro-tip is to watch reactions of coins today during correction, the ones that are holding the strongest will likely outperform the market on the next swing high💙👽
