BTC Dominance has just bumped into 200 weekly moving average and we are likely to see a short term dip in bitcoin dominance, which means, altcoins are likely to pump (in BTC ratio mainly).
It is hard to tell of how deep BTC dominance is about to retrace, but I have identified 2 major support zones based on previous resistance, and fibonnaci retracement confluence.
For now, I doubt will go down to test 43.45% support zone, so I've excluded that line from my analysis.
It is also important to watch for 50 and 100 moving averages, both are likely to play out as a support before BTC dominance will attempt to break beyond 200 weekly moving average.
Best of luck!
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Interesting observation: I found a fuller chart over at CoinTrader. What is interesting is that it states that we have passed well beyond 200 weekly moving average couple of weeks ago and it looks like its lagging about 2 percent when compared to TradingView chart. I have highligted potential upcoming resistances with horizontal red lines before alts will have a go. https: //i.postimg.cc/mDR92Tkp/cointrader-chart.jpg
The waves from the low point of Jan 18 look like 12345 123 going up. What do you think about it?
KIIX
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@CryptoPaily, Unfortunately I'm not schooled well enough on Elliot Wave Theory, so I can't really make my assumptions based of it. But from what I undestand, yes, it does resemble a 12345 pattern in its basic form.
I would love to see and in depth analysis of BTC dominance from an elliottician's perspective. The true question in mind is "how likely are we to go beyond weekly 200MA resistance level right now before we eventually retrace?"