🎓#MashedMarketMap 🎓 Commentary
For today's commentary on our heat map, we start by looking at the latest dominance chart. BTC has indeed hit a dominance ceiling, and it looks as if the asset is being distributed across the market quickly and evenly. Take look at the heat map bottom right as the motivation for this statement. The top 5 Alts by volume are all producing oversold RSI readings. Take note of the substantial volume, coupled with modest gains (with the exception of $Matic) BTC distributions appears to be moving ahead steadily towards the long-awaited Alt season.
A look at our basic BTC daily line chart. The long-short ranges we have been discussing for the last week or two have been marked out in their colours respectively. BTC has tapped the green on our chart after six consecutive red 4h candles. This zone is sure to offer support and we could trade long with stronger bottoming structure, I'd like to see where we are in 8h time. ETH daily USD chart is also grinding its way through our green zone. The ETH BTC chart looks a little more interesting right now, notice the oddity with an ETH/BTC grinding support while the heatmap says the RSI is oversold on all but the 4h timeframe.
One last point to take note on for today's heatmap. Looking at the damage taken by Mexian traders, notice how every single liquidation we have in the Top 10 today are on sell positions. Are bears overly eager to jump the short?
Care to share your thoughts on today's heatmap? Talk to us on twitter
For today's commentary on our heat map, we start by looking at the latest dominance chart. BTC has indeed hit a dominance ceiling, and it looks as if the asset is being distributed across the market quickly and evenly. Take look at the heat map bottom right as the motivation for this statement. The top 5 Alts by volume are all producing oversold RSI readings. Take note of the substantial volume, coupled with modest gains (with the exception of $Matic) BTC distributions appears to be moving ahead steadily towards the long-awaited Alt season.
A look at our basic BTC daily line chart. The long-short ranges we have been discussing for the last week or two have been marked out in their colours respectively. BTC has tapped the green on our chart after six consecutive red 4h candles. This zone is sure to offer support and we could trade long with stronger bottoming structure, I'd like to see where we are in 8h time. ETH daily USD chart is also grinding its way through our green zone. The ETH BTC chart looks a little more interesting right now, notice the oddity with an ETH/BTC grinding support while the heatmap says the RSI is oversold on all but the 4h timeframe.
One last point to take note on for today's heatmap. Looking at the damage taken by Mexian traders, notice how every single liquidation we have in the Top 10 today are on sell positions. Are bears overly eager to jump the short?
Care to share your thoughts on today's heatmap? Talk to us on twitter
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Hashed Plutus
-Bitcoin DOMINANCE has been TOPPLED- -BTC distribution appears STEADY- https://t.co/KY5DeXrYBF