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BTC Dominance has broken down out the channel it played for the last couple of months as discussed in the previous two linked ideas I published on the subject.
On the Daily chart it is still holding on S1 as support but in yesterday's weekend volatility it did go and retest the bottom of the channel but got rejected. It's still unclear how it will move from here and weekend movements are never reliable.
The Kumo cloud is still pointing to more downside, but we have to see how it plays out if it breaks down S1 or breaks through the resistance of the channel back up. It will affect a lot of ALT pair trades, and I am sure a lot of ALT/BTC trades got stop lossed out in yesterday's choppiness. It shows us again how unpredictable the weekend can be and how important it is to pay attention to the dominance chart.
BTC Dominance has broken down out the channel it played for the last couple of months as discussed in the previous two linked ideas I published on the subject.
On the Daily chart it is still holding on S1 as support but in yesterday's weekend volatility it did go and retest the bottom of the channel but got rejected. It's still unclear how it will move from here and weekend movements are never reliable.
The Kumo cloud is still pointing to more downside, but we have to see how it plays out if it breaks down S1 or breaks through the resistance of the channel back up. It will affect a lot of ALT pair trades, and I am sure a lot of ALT/BTC trades got stop lossed out in yesterday's choppiness. It shows us again how unpredictable the weekend can be and how important it is to pay attention to the dominance chart.
