#Bitcoin HTF [Update]
Bearish momentum is on since closing below RL @ $65,000ish. Bullish'er when closing HTF above $66,500 swing high. With today's close, the targets are the most significant swing lows [i've marked them earlier with red lines] and the ๐ levels where reversal fuel's at.
Avoid going long on alts and expecting powerful reversals with such momentum. If anything, treat them as scalps until BTC confirms MTF bullish market structure. If you treat them as scalps, you need to be on the charts and you can't be at newbie level in this game. If you are, wait it out. Any sudden pump might not matter much, unless it has a candle body close above previous swing highs, yet moonboys call for the bottom with any +$1,000 pump on BTC, despite being on a clear MTF "stairway to hell" with several LHs and LLs.
I've asked today what "signals" you was looking at for an HTF reversal. I'm looking at BTC key levels, USDT Dominance monthly OB, TOTAL2 range low, any โก๏ธ dip with exchanges freezing for a moment, BVOL's support level, and of course...Tether and ETH's related news in the next few days.
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$ETH/$BTC is in a multi year uptrend.
Tough to acknowledge for all the BTC maxis out there but chart wise it is the case.
My best guess is that it might retest the multi year ascending resistance line.
It looks to be around 0.04.
Sometimes the obvious outcomes are the ones playing out ;)
This might also be the point in time when $BTC dominance starts dropping, with the reversal on $ETH/$BTC.
Timewise Iโd say somewhen this summer.
Check what happened in 2017 and 2021 after touching the this trendline.
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