PB Banter 4-30-2021
"Hold the line, toros"
TLDR: Continued bullish outlook, this weekend might be start of next big leg up for BTC
ANALYSIS:
Let’s kick this banter off with some charts:
I’ll admit I’m not particularly a fan of pattern trading, but BTC inverse head and shoulders on the hourly looks like it’s breaking out with volume. This breakout coincides with daily resistance at $56k, and based on perps-spot ratio it doesn’t look like it’s being led by levered up apes.
Just to double check, let’s look at Binance funding rates:
Funding is flat…good.
Another chart that’s on my mind today is Adjusted NVT Signal:
I say this for this reason - we just collided with the bottom band (green), which has done a great job of sniping BTC bottoms in the past. Bullish for BTC, yes. But how about altcoins? The last three touches of the bottom band vs Bitcoin Dominance the next 3 months results:
December 2018: -10%
March 2020: Sideways
Now: +20%
Results are scattered, so for time being I’m just deferring to ALTBTC price action individually (which has been bullish).
Last BTC chart for today shows the 30 day returns since 2014:
Last bull market (2016-2018) any prints around -10% were great buys. After tagging it on the recent rinse, price has done nothing but go up…
In a bit of a hurry but here are the DCRBTC and XHVBTC charts. Sharing them because they’re not only bags I hold, but also alts that have good technical set ups:
DCRBTC is currently the 30-Day 50% web, the middle point of the highs and lows of the past 30 days. I want to see this hold, would be a good signal for trending upwards price action.
Almost identical set up for XHVBTC. Good asymmetric bets for buying as long as these levels hold.
That’s it for today folks. If there are typos sorry - like I said, busy Friday.