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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.
@VrotteOtter, agreed ... I'm heavy on high cap alts during this FUD bombardment from the mainstream media and Wall Street criminals, etc. 🕉️
IamPhoenix33
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@Zenter, I think Bitcoin needs to have a good dump and the BTC.d figure have a little pump before the alts can go to the moon, no? ♾️
Zenter
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@IamPhoenix33, My idea is that no need Btc dump because marketcap is already in bad condition with 260b$ If there will be a BTC dump, market can't rise quickly again, need maybe 2 months. also some big caps did not move yet like EOS, XRP.. If they pump even a little , dominance go lower...
IamPhoenix33
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@Zenter, yes, good point ... I think privacy coins will move faster and more decisively than any of the top 10. ♾️
VrotteOtter
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@IamPhoenix33 i think BTC needs a breather like we have seen the last couple of weeks but since it hasn’t really made a move down it still looks quite strong, and dominance breaking down doesn’t necessarily have to mean BTC needs to dump compared to the dollar. But if it breaks s1 on the dominance chart alts will pump even if the value of BTC stays the same
IamPhoenix33
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@VrotteOtter, mmmmmmm yes ... I should clarify that I'm working from the assumption that if BTC dumps it will shoot for the moon from there. Definitely agree that alts are going to pump. 🙏🏼♾️💚