An update from my last Bitcoin dominance idea, where I called out the dominance would top out in September then start to gradually fall before alt season.
I say this with confidence, I don't see bitcoin going any higher than 74% dominance. In September it topped a little over 73% and has failed over and over again to break that.
A lot of people are calling 90% dominance, and I just gotta say you're delusional. The daily hold at 69.92% was the absolute top before the 2017 'Altcoin season'.
For those of you that look at other charts besides Bitcoin , this chart looks exactly like the DOW and the S&P , both failing to trend higher and are at a calm before they hit the fan. Just look at the chart, it could barely hold its own above the daily, and now it broke it's longterm uptrend stending from the beginning of this dominance bull market.
My prediction is the Dominance will continue to struggle to hold this level, and even test the bottom of the uptrend before it really starts to fall.
From there, it history will repeat and there will be another altcoin season. Taking a look at all of the altcoins, they have all slowly and steadily gained satoshi value against the bitcoin in the recent month. This will continue happening and we will be in altcoin season before we know it.
I'm not saying Bitcoin is going to tank in price, to be honest this month I believe price will do exceptionally well, but the altcoins will outperform it. Q4 has historically been very good to Bitcoin .
Thanks for the analysis. Had been inspecting BTC.D as well.
Looks like a (complex) H&S structure formed at the top [08.07.2019; now].
And two maxima on 24.09 & 26.10 are printing a bearish divergence on RSI.
Gaengphed
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On my way back home I've been giving this chart some thought and I've come to the conclusion that this one might be of significant importance! Maybe it's even the most important if one would like to know when to step out of ALT and go over to BTC, and vice versa. You could even set a timer on this. So when this rate hits 40.0 it's time to step out of ALT because ALT Season will be ending and put some money into BTC.
kyer
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@Gaengphed, Yeah that's my thoughts exactly too! If you take another look at the chart, the purple line represents a weekly support level and thats at 36% dominance. So I can confidently say i'm cashing out of bitcoin back into alts around that % marker.
Gaengphed
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Thanks again for the analysis! Following you closely because it is really interesting to see how it all develops. I also believe we're at the brink of something big happening! :-)
kyer
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@Gaengphed, No problem man! Glad you're enjoying these updates, something VERY big is about to happen I can feel it coming. I've also been trying to be more active in the Telegram chat, any questions/concerns just @ me and i'll respond
Gaengphed
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@kyer, I've deleted it from my iPhone because I never used it hahaha. Going to install it in a sec again ;-)