BTC.D Continuing To Fall!
CRYPTOCAP:BTC.D Market Cap BTC Dominance, % (CALCULATED BY TRADINGVIEW)
checking out bitcoins dominance we have gone on quite the fall recently and the altcoins are absolutely loving it! We are currently getting held up on the 44.75% and this is our forth day testing this level and i believe we could see a breakdown coming up soon, there is a chance we continue the sideways movement aswell but either way i think the altcoins are going to continue to thrive! Each time we see a drop no matter how small or big the altcoins start to pump, and currently Bitcoin dominance is pretty high imo and there is a likely chance that we see a further drop, i personally am looking for a longer term target around 35% BTC dominance, during the peak of 2018 altseason we saw a bottom out around 35% dominance and id say that is for sure doable again, honestly could see a further drop than that aswell since majority of the altcoins have gained a lot more exposure and have increased heavily since 2018. Looking at the we have fallen below key support coming from the midline which is now resistance and this is what we want to see (if you enjoy altcoin runs) a drop below current support levels also opens the door to a grab onto the bottom which is sitting above our next major at 43% if we do see this play out it will likely ignite a massive altcoin run as bitcoins dominance could slide much lower cutting through many major support levels on the way. Lets take a look at the , we are right on the midline and are pointing heavy to the downside, a break below here will be key aswell for the alts, if we do see this happen we want to watch for a rejection off the midline if we start to push back upwards, this is very important because if we fall below the .50 and can't recover we are looking at a confirmed downtrend for BTC dominance and that is exactly what we need if we are going to see a massive, explosive altseason. Keep in mind we could see some sideways movement like i talked about earlier before fully breaking below but we will have to keep a close eye on this as the tells a much more important story rather than just "overbought and oversold". Now the Squeeze , we are in a rapid decline on the histogram showing a decrease in momentum and we are slowly but surely approaching the midline, we want to continue to see decreasing green bars day after day and then ultimately a push below the midline and into bear territory, if we do see this play out there is a good chance we could see a large squeeze and release creating big pressure to the downside. We already saw our bull squeeze release for this SMI cycle and it was a pretty large one which opens the door for a pretty large version! Keep in mind that if we do see BTC .D fall hard BTC will also fall dragging down the market initially but after that initial drop the altcoins will begin to surge and fly high! Not financial advice just my opinion!