Now to chart every crypto trader has been obsessing over - bitcoin dominance.
In short, if the bitcoin dominance goes down, it means alts rally vs bitcoin. Conversely, if it goes up, bitcoin gains over alts, cutting the altszn short.
If bitcoin continue its correlation with gold, I am inclined to call the blue path. That would mean either bitcoin gets rejected at the next diagonal or next horizontal, before bottoming out and eventually coming back to party in September. That would play into the narrative of alts continuing for a few more weekends, before smart money cashes out to bitcoin causing the next leg up.
On the other hand, if bitcoin.d were to break out here, it would lead to alts losing ground in their btc valuations , possibly staying flat in the USD valuations due to the bitcoin movement.
I am inclined to go with the blue arrows with the mindset that the alts party will probably take a pause in the months of September and October, similar to what was seen in the fall of 2017, after the bcash fork. Mainly because it supports my previous idea for the BTC movement:
Below 60% BTC dominance, all bets are off.
Regardless, it has been the summer of ethereum (see related ideas)
In short, if the bitcoin dominance goes down, it means alts rally vs bitcoin. Conversely, if it goes up, bitcoin gains over alts, cutting the altszn short.
If bitcoin continue its correlation with gold, I am inclined to call the blue path. That would mean either bitcoin gets rejected at the next diagonal or next horizontal, before bottoming out and eventually coming back to party in September. That would play into the narrative of alts continuing for a few more weekends, before smart money cashes out to bitcoin causing the next leg up.
On the other hand, if bitcoin.d were to break out here, it would lead to alts losing ground in their btc valuations , possibly staying flat in the USD valuations due to the bitcoin movement.
I am inclined to go with the blue arrows with the mindset that the alts party will probably take a pause in the months of September and October, similar to what was seen in the fall of 2017, after the bcash fork. Mainly because it supports my previous idea for the BTC movement:
Below 60% BTC dominance, all bets are off.
Regardless, it has been the summer of ethereum (see related ideas)
