As we have reached a likely double bottom. I have drawn out comparing this bottom to the last bottom. Using Fib tool making historical assumptions. Not meant to be exact but rather to get a rough idea of where we could be going.
The chart points to reaching new high at 61.8 fib level. Resistance right now is at 50 MA/ 0.236 Fib level. Looking at Bitcoin charts it does not look like this run up will be long. I am expecting wave 3 to be caused by Bitcoin out pacing alts while also out pacing the dollar. Wave 4 to be from alts taking back some lost ground seeing total market cap of crypto rise. Wave 5 likely to be dollar out pacing Bitcoin and Alts. Where Bitcoin falls slower to 12K support level. After wave 5 I expect will be closer to when we know ETH 2.0 will be going to mainnet. A large alt hype pump will likely surround that event. A key indicator we are nearing the end of this Bitcoin dominance cycle will be over whelming Bitcoin maximalist sentiment. When I start hearing people chanting only Bitcoin I'll be looking to off loading Bitcoin for alts.
The chart points to reaching new high at 61.8 fib level. Resistance right now is at 50 MA/ 0.236 Fib level. Looking at Bitcoin charts it does not look like this run up will be long. I am expecting wave 3 to be caused by Bitcoin out pacing alts while also out pacing the dollar. Wave 4 to be from alts taking back some lost ground seeing total market cap of crypto rise. Wave 5 likely to be dollar out pacing Bitcoin and Alts. Where Bitcoin falls slower to 12K support level. After wave 5 I expect will be closer to when we know ETH 2.0 will be going to mainnet. A large alt hype pump will likely surround that event. A key indicator we are nearing the end of this Bitcoin dominance cycle will be over whelming Bitcoin maximalist sentiment. When I start hearing people chanting only Bitcoin I'll be looking to off loading Bitcoin for alts.
