Feeling out the conditions in the market today. We have bitcoin falling off. The price is currently tagging the $9 050 level. A look at the top performing Alts shows many of them pulling back hard. I checked QTUM, VET and some others. A look at big cap XRP and ETH are selling off faster that BTC.
This picture gets painted out neatly when we look at the dominance chart. That's a great way to sense the turning tides in the market and prepare your portfolio for the next big wave of profit.
What we see here is that Bitcoin dominance has been hammered since mid May this year, causing a brilliant Altcoin bull run. A large majority of coins making at least 50 - 100% gains over this period.
Here on the 1H timeframe, we see Bitcoins dominance come to life in the midst of this selloff. This could be in part because of mass stop loss triggers across the market today, or just by flocking to BTC before the try and sell theirs off, but it starts a trend.
Just like any other chart, the dominance is approaching the upper level of a resistance band. If this breaks we will see bitcoin dominate, if not, those top performing Alts might continue to run on BTC pairs.
Advice on your Altfolio right now is to stay tethered, and put your money deep down on the book. We are seeking smashing signals.
This picture gets painted out neatly when we look at the dominance chart. That's a great way to sense the turning tides in the market and prepare your portfolio for the next big wave of profit.
What we see here is that Bitcoin dominance has been hammered since mid May this year, causing a brilliant Altcoin bull run. A large majority of coins making at least 50 - 100% gains over this period.
Here on the 1H timeframe, we see Bitcoins dominance come to life in the midst of this selloff. This could be in part because of mass stop loss triggers across the market today, or just by flocking to BTC before the try and sell theirs off, but it starts a trend.
Just like any other chart, the dominance is approaching the upper level of a resistance band. If this breaks we will see bitcoin dominate, if not, those top performing Alts might continue to run on BTC pairs.
Advice on your Altfolio right now is to stay tethered, and put your money deep down on the book. We are seeking smashing signals.