Hello everyone, if you like the idea, do not forget to support with a like and follow.
Welcome to this Bitcoin Dominance update. Those who don't know, BTC.D works inversely with Altcoins. It means when BTC.D dumps, Alts will pump and when BTC.D pumps, Alts will bleed.
Now let's get to the chart.
Currently, Bitcoin dominance trading below 40 and it is at the major support level in the weekly time frame. Every time dominance comes at this level we have seen a pump and bloodbath in Altcoins.
BTC.D goes below 39.30 level only one time which happens in 2018. This 39-40 range is a very strong support so we see a bounce from here and if it bounce then be ready to see huge dump in Alts.
It's better to stay cautious now.
Invalidation:- Weekly close below 39.30 level.
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Thanks, not seeing it but I appreciate the chart. BTC can always surprise, that's why I keep accumulating, along with alts. I've been holding alts since btc dom was much higher & it's worked out well. Long term I see btc dom dropping -newbies & crusty vets like me more interested in buying up alts. But BTC will always be king in the hallowed halls of antiquity
The chart is pretty good, as is the idea in general. But the risks are quite high right now. I wonder what your risk-management strategy is for this trade?