BTC.d broke up from longterm decending widening wedge
Which of course is bad news for Alts. And the monthly MACd will cross up if BTC.d will continue up.
Previously I believed that the wedge resistance will reject BTC.d but obviously this didn't happen but Alts did not suffer. At the moment the Alts look fine because they strangely have become positively correlated to BTC.d and are going up with it. This happens from time to time historically but it is a bearish reversal sign for Alts.
The measured move of the breakout is 75% and there is a gap remaining from the 2017 decent at 74%. BTC.d at these levels can result in the termination of many coins. Unless this rise in dominance of BTC is due to more money being pumped into BTC than Alts and not BTC bleeding Alts.
Previously I believed that the wedge resistance will reject BTC.d but obviously this didn't happen but Alts did not suffer. At the moment the Alts look fine because they strangely have become positively correlated to BTC.d and are going up with it. This happens from time to time historically but it is a bearish reversal sign for Alts.
The measured move of the breakout is 75% and there is a gap remaining from the 2017 decent at 74%. BTC.d at these levels can result in the termination of many coins. Unless this rise in dominance of BTC is due to more money being pumped into BTC than Alts and not BTC bleeding Alts.
