So I posted about this Bear Flag 2 days ago and we broke it yesterday. If you took this trade with me then you made a nice 5% profit or 50% like I did because I used x10 leverage. I said that if you are gonna take a short position you have to wait until the flag is broken, retested 1 more time and then take a trade. I personally opened a short position as soon as that last green candle retested below the flag so I'm happy with my trade.
On the shorter 15M timeframe we formed a bullish flag that of course broke to the upside, retested it one more time and it's heading upwards from there. I opened a long position as soon as it retested above the flag and so far so good.
On the Weekly chart the RSI, Money Flow, Stochastic and MacD are all in oversold territory but we need that cross on the MacD before confirming a relief rally to the upside so be patient and wait for it first before taking any long-term long positions.
The BTC Dominance is still holding well and a MacD cross has been confirmed so for now it's looking good. Hopefully we will see another higher low forming soon.
I also posted 3 days ago about the USDT Dominance having to go down and so far so good. More money is being moved slowly into Crypto but we need to see this drop even lower in the upcoming weeks.
Alts have been holding their prices pretty well compared to Bitcoin crashing these past few weeks so a drop on the USDT Dominance would push the BTC Dominance higher as well.
Nothing is 100% confirmed yet so please be patient and always careful when you trade. Be very cautious when you trade during a bear market as price action can be very volatile and can liquidate your position.
I hope this was helpful, and I will see you tomorrow for the next Daily TA.
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