BTC dominance starts to fall, alts start to rise!
As you can see from the graph it looks like BTC dominance has reached strong resistance points:
- local top resistance
- high volume resistance
- 5th Elliot wave with five inside waves
Additionally, oscillators are overbought:
- CCI is showing some divergence also
- RSI has a double top in the overbought area
- Stoch is also making lower lows in the overbought area
If we connect this to historical price movement in similar situations, the picture starts to unveil itself (check "Do you really think Bitcoin can dip up to $8000 or less!?").
We are most probably at the start of BTC consolidation before the next push. Many times alts followed BTC with delayed, but stronger growth.
If this happens now again, BTC would be losing dominance % as expected.
On the other hand, if BTC starts to fall to lower areas and breaks the resistances (check "Will BTC break up or down from the triangle!?") than it usually takes alts with him where alts fall even more.
So the last scenario is impossible if we want BTC dominance to fall and analysis shows it will. Thus BTC sideways (or growth) will help alts to grow also.
In the next posts, we will analyze some alts with good potential vs BTC.
Stay tuned and follow us and this idea so you can get automatic reminders.
THIS IS NOT FINANCIAL ADVICE.
Remember to trade safely!
If you just want to thank us you can hit like and leave a comment. Thank you for your support.
- local top resistance
- high volume resistance
- 5th Elliot wave with five inside waves
Additionally, oscillators are overbought:
- CCI is showing some divergence also
- RSI has a double top in the overbought area
- Stoch is also making lower lows in the overbought area
If we connect this to historical price movement in similar situations, the picture starts to unveil itself (check "Do you really think Bitcoin can dip up to $8000 or less!?").
We are most probably at the start of BTC consolidation before the next push. Many times alts followed BTC with delayed, but stronger growth.
If this happens now again, BTC would be losing dominance % as expected.
On the other hand, if BTC starts to fall to lower areas and breaks the resistances (check "Will BTC break up or down from the triangle!?") than it usually takes alts with him where alts fall even more.
So the last scenario is impossible if we want BTC dominance to fall and analysis shows it will. Thus BTC sideways (or growth) will help alts to grow also.
In the next posts, we will analyze some alts with good potential vs BTC.
Stay tuned and follow us and this idea so you can get automatic reminders.
THIS IS NOT FINANCIAL ADVICE.
Remember to trade safely!
If you just want to thank us you can hit like and leave a comment. Thank you for your support.
Comment:
Lower double top formed. Bearish setting on indicators also.
Comment:
More about the connection of the two here:
Comment:
Additional crossdowns coming:
Comment:
Alts should start to rise in the next weeks!
Comment:
Before weeks scenario happens, we had BTC dominance bullish signs on daily, so alts have fallen. Dynamics that graphs showed is being played on markets:
- in super short time frame alts bounced a bit (4h graphs - BTC D.bearish)
- in short time frame alts went down (daily graph - BTC.D. bullish)
- in longer timeframe alts should go up again (weekly graph - BTC.D. bearish)
- in super short time frame alts bounced a bit (4h graphs - BTC D.bearish)
- in short time frame alts went down (daily graph - BTC.D. bullish)
- in longer timeframe alts should go up again (weekly graph - BTC.D. bearish)
Comment:
Looks like BTC dominance will rise in the supershort time frame. We are in front of breakout.
This can mean only 2 things: either BTC raises more or BTC falls less, so alts are in any case bad alternative in the super short term right now!
