BTC Dominance (TA) is coming back soon - Edition 3
Observations:
1) As per the chart, one can see previous support line on BTC dominance.
2) One can also just look at the ALT performances against BTC pairing and they have done well.
3) If we anticipate or theorise that BTC is about to make a break out, to the upside or downside, this will explain why BTC dominance is about to go up.
4) We have a converging downward wedge heading for a major resistance. Also indicated by the EMA ribbon.
5) RSI is almost hitting the bottom level, and in sync with the downward wedge it seems.
If this makes sense, then one should flip to BTC soon or sell the ALTs soon.
If you refer to my previous post on BTC, I explain why I think BTC is going up and this some how can fit into the hypothesis as to why BTC dominance is going to go up again.
Ponder and act.
Me personally, I'm following my own conclusion, which is buy in the accumulation stage (7800s) and sell (a portion) when I think we hit a major resistance.
Note: Some ALTs like ADA, LTC, BNB etc will still do well. However if you recall, when BTC drops, ALTSs % drop is much higher. When BTC breaks out hard, ALTs get dragged along and many ALTs get dumped for BTC. I don't advise to change your ALT accumulation strategy but for those specific ALTs, BTC is a better option. Its not hard to figure out, just look at their BTC pairing and one can use this and BTC dominance chart to correlate and make an informed decision.
Please like if you appreciate the post or agree with the TA.
Cheers,
SS.
1) As per the chart, one can see previous support line on BTC dominance.
2) One can also just look at the ALT performances against BTC pairing and they have done well.
3) If we anticipate or theorise that BTC is about to make a break out, to the upside or downside, this will explain why BTC dominance is about to go up.
4) We have a converging downward wedge heading for a major resistance. Also indicated by the EMA ribbon.
5) RSI is almost hitting the bottom level, and in sync with the downward wedge it seems.
If this makes sense, then one should flip to BTC soon or sell the ALTs soon.
If you refer to my previous post on BTC, I explain why I think BTC is going up and this some how can fit into the hypothesis as to why BTC dominance is going to go up again.
Ponder and act.
Me personally, I'm following my own conclusion, which is buy in the accumulation stage (7800s) and sell (a portion) when I think we hit a major resistance.
Note: Some ALTs like ADA, LTC, BNB etc will still do well. However if you recall, when BTC drops, ALTSs % drop is much higher. When BTC breaks out hard, ALTs get dragged along and many ALTs get dumped for BTC. I don't advise to change your ALT accumulation strategy but for those specific ALTs, BTC is a better option. Its not hard to figure out, just look at their BTC pairing and one can use this and BTC dominance chart to correlate and make an informed decision.
Please like if you appreciate the post or agree with the TA.
Cheers,
SS.
Trade active:
Comment:
Got the target now. It might be good to flip some of your BTC for some ALTs like ETH, as they have hit bottom.
Comment:
BTC dominance chart tweaked with updated resistance lines
Comment:
It seems BTC dominance is going to go up another notch.
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
