Hello guys. This is the most important Dominance chart that you need to. understand if you're invested in alts. Halving is just after few days and people are holding BTC max in their portfolio.
Coming to this Chart Dominance is at the most critical Zone now, Break above this TRENDLINE would lead to 10 to 20% more dump in BTC and will eventually get rejected from the upper trendline Resistance. Dropping from that resistance which is around 68.10 we could see a mini Alts season i.e., a 100 to 300% Rise in Potential Alts which are trading currently at the bottom with strong fundamentals in the end of second quarter. Yes It's true read it again!
Now if it follows S1 (Scenario 1) in which it fails to break above the current critical Red Dot resistance point where two line of Resistances coincide with each other we can see it dropping to the downside to 62 level.
Caution for Alts: If dominance follows S2 and breaks through the resistance of the giant falling wedge channel. There will be massacre in the Alt MARKET. If you ask me my personal call would be a drop from here but still need to be vigilant. So we wait for few days to see how the resistance breaks to the upside or downside. I would personally hold maximum portion of my portfolio in BTC.
#Thanks again for reading. If you like my ideas and the hard work I put into the charts please hit the LIKE BUTTON and Follow me for the latest Updates.
Stay safe I wish good health to your families
#Peace
Trade active
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Hello guys, welcome to this update. This chart is very simple to understand. Please HIT THAT LIKE BUTTON for the simplicity of this chart! In the chart we can see Dominance got rejected from the Resistance trendline of the expanding channel. If it follows the speculated direction, It is highly likely that we can see a 15%+ Decrease in Dominance. You know what it means? Alts will be pumping crazily!! The alts with strong fundamentals in the coming 2 months will provide as high as 100 to 300% + profits. I will update the charts of those altcoins one by one. Follow me for those updates.
We need to watch the red zone+70 level, which is a strong resistance. Unless Dominance breaks above this major resistance I think holding alts will be Very Profitable. Besides most of the alts are showing Bullish signals in Daily Time frames.
For more such updates follow me and share this idea with your friends. Your views are welcomed in the comment section.
Comment
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Hello everyone welcome to this new update. I would like to keep this update very simply and short. The level is 200D MA which is acting as a support now. On my last update I said Dominance could break below the 68 level and seems like it did but eventually holding the 67 level strongly. If it breaks we can see it reaching to the 65 level. Once we break this 67 level along with the 200D MA I am pretty sure we will reach our target and alts could perform well while btc goes for some retracements.
Please hit the like button if you like this idea. Your views are welcome.
Had to come dig for an educational post on BTC dominance and how it affects alt coins.... And it turned out very insightful, you are making me a better trader every day... You are creating a beast😜
CryptoCheck-
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What is Bitcoin and LTC going to do next ???
CryptoCheck-
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perfect work
walkin
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Would you mind updating your thoughts on this chart? Thank you :)