Tighten your stops & be extremely cautious with Altcoins!
BTC Dominance is breaking out of a perfect Ascending Triangle
Target 1 coincides with the projected MA200 and Major Support zone from 2018-2019
Target 2 coincides with the projected MA300 and Major Horizontal level
If this setup fully plays out, get ready for some blood bath in Alts against Bitcoin in the next couple of months
What do you think about it? Share your thoughts in the comments!
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Surprisingly that was a bull trap and the ascending triangle eventually resolved to the downside. Currently we're having some relief rally in Alts which can turn into a decent Altseason
I think we will ultimately make a lower low on the dominance this cycle (however I was expecting it to take place definitely not in Q3. We're not close to it, but let's see)
Well there is difference between 2017 and 2018 and 2019 , before we have to buy bitcoin 1st then convert bitcoin to altcoin now , we can buy any alts with direct fiat money so you are some how right but there wont affect altcoin so much
Dear Friend, that was NOT a surprise ! I wrote in the comment section of you post the following on July 31:
"If you do not consider the 22 May wick in BTC dominance, the ascending triangle could be considered a bearish wedge. Dominance struggles to overcome 49 points (at the end of the bearish wedge). Dominance could roll over soon and collapse back under 40 (maybe 34). Please take a look at one of my recent posts and tell me your thoughts ! Cheers !!"
It just panned out as forcasted !!
Stay safe, my friend !!