ALTCOINS WILL BE DESTORYED EVEN MORE?
This is another renko charts. This time it's btc.d (dominance of btc) with 0.5% block size on the 1d.
We can observe something similar to a falling wedge pattern with clear bullish divergence on RSI. Since start of 2022 we saw a decent correction in btc pairs but still a lot altcoins looks alive. ETH/BTC pair for exemlpe. For now the dominance is slowly rising and it needs to raise up to 45% just to test the upper line. Will there be a break out? We don't know yet, but bullish divergence is telling us, that it's getting ready for something.
So are we going to witness altcoins meltdown?
We can observe something similar to a falling wedge pattern with clear bullish divergence on RSI. Since start of 2022 we saw a decent correction in btc pairs but still a lot altcoins looks alive. ETH/BTC pair for exemlpe. For now the dominance is slowly rising and it needs to raise up to 45% just to test the upper line. Will there be a break out? We don't know yet, but bullish divergence is telling us, that it's getting ready for something.
So are we going to witness altcoins meltdown?
Trade active:
Huge crash has happend during last days. Altcoins are dying,some of them already ded (luna). And the idea of dominance going up was correct. But still it's not even outside of the falling wedge yet. If alts somehow bounce up, and domince could not break out above 45% level. This sceanrio will be invalidated, but at the moment it doesn't look very likely.
Trade active:
We are right below this upper trend line. Time to see if alts wanna die completely or they still have power to fight. Me personally think it's not the best time to hold altcoins.
Comment:
And we got a break out. Be careful with your altcoins from now. Things might get even more ugly