Taking a look at our bitcoin dominance and we have just recently broken right through that crucial 40% mark and that is a huge deal for the altcoins, realistically we should start seeing some explosive price movements going forward across the board. We definitely want to see our daily candle close below the 40% line as it would be very bearish and with that bullish for altcoins. A close here opens up the door for a breakdown to our first support at aprx 39.5% and then our S2 support which comes afterthat, either way any price action going forward that continues to drop is very positive for the alts! The bottom band on the bollingers as you can see is just below us we actually wicked onto it, the door is open for us to grab onto here and to see a big fall in domiance, historically closing ontop of this bottom band leads to explosive bearish price action just like we want! The RSI is getting crushed fairly badly and thats another great sign going forward, the RSI getting stuck below the midline signals we are in a confirmed downtrend which of course is positive for the altcoins. The interesting thing here though, is that we have tons of heavy resistance above us and it appears they are going to be pretty tough to breakthrough, we have the SMA which we are now below(BEARISH) and then we have two overhanging heavy lines of resistance that will take quite some time to break i personally think! Overall looking very good for the altcoins and if we see this trend continue moving forward we could be leaping right into altseason where i expect to see some explosive massive gains! Not financial advice just my opinion!
