"Alt season" has pushed BTC.D down to 40 area, but how low will it go. How long can this last. Weekly RSI is way down at 15 now and Bitcoin looks to have taken a first clumsy step down a big hill. I don't think BTC.D will get to 30 like 2018, but we'll see.
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Of course the million dollar question is; will alts continue to surge after Bitcoin's first capitulating bounce? Its very hard to know because there are many differences. This long domed Bitcoin top has been nothing like previous tops. Will there be a last gasp blow off top rally following Bitcoin's first capitulating bounce or will it be over then?
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This looks like it could well be the beginning of the end. We'll see.
Is it too much to ask for one more fast drop? Maybe to around 23k?
That should pump BTC.D back up to about 49% and it can death kiss the middle of the weekly 'W' from April 2018 one more time before it cannonballs to 20%.
Which we'll recover from eventually. But I don't think we'll see a 70% dominance top again. Maybe low 60's
dRends35
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@ClearOpenDoor, For me this is just the initial capitulation. Dead cat bounces to follow.
ambtrade
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Hello @dRends35, How can you know that the 15.00 on RSI indicator correspond to 35.41 (1 in the Fib)?
Is possible to make a correlation and mark the position on the chart and on the indicators, in this case the RSI, for every value that we need to mark.
Thanks.
dRends35
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@ambtrade, I'm not sure I understand your question. The fibs are just to show that price has hit 0.786 of the 2018 low and the RSI W 15 is very low already.
ambtrade
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@dRends35, Imagine that we want to point (mark the horizontal) the 20 RSI on the chart, is it possible?
dRends35
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@ambtrade, You could plot a vertical line to see where RSI 20 was hit. Is that what you mean?