Massive Daily Breakdown in BTC Dominance - Bullish For Altcoins
Hi everyone - great news for you if you're long on alts!
Whether you've been bag holding for quite some time now or maybe you're like me and you've just been slowly accumulating over the last few months near bottom ends of ranges.
What we have here is a daily chart comparing
BTC.D
and
LTCBTC
* Litecoin/Bitcoin in yellow.
* BTC Dominance in blue.
For those of you who've gone through our education program or you've been following my posts on Tradingview, you know that we like to use BTC Dominance as an inverse proxy for altcoin investor sentiment.
Stated another way, when BTC Dominance goes down, alts vs. btc tend to go up. When BTC Dominance goes up, alts vs. btc tend to bleed.
Shown on this chart is a massive M top that's trying to confirm within BTC Dominance as LTC/BTC has already broken out to the upside.
Seeing this leads me to believe there's a good chance that the 2019 lows have been established for most of the alts.
Add this intermarket analysis to the huge bullish momentum divergences confirmed across the majority of altcoins right now, all the breakouts we're seeing market-wide... and this alt market is starting to look very promising to a guy like me.
I'm definitely not expecting new highs for most of these names in the short term, however, a summer rally looks to be in the cards.
Even just a 50% retracement of old 52 week highs produces a 300% or 400% move for most of these coins. I've found this to be a very realistic profit objective over the years.
Altcoins tend to have their rally window just beyond the point BTC puts in a top (which I think we're about to see over the next few weeks) You can check out the shorting location I'm looking for on BTC on this post:
That's basically it. We talk about all of this stuff every day Monday through Friday in our 100X Challenge livestreams on Youtube. You can check that out here.
FREE TRADING EDUCATION
If you want to learn the basics of technical analysis, risk management, setups, and the fundamental principles of profitable trading - Check out our Level 1 course.
We're giving it away for free right now (will sell for $2497) for Tradingview users to beta test over the next few weeks. Over 20 hours worth of content, brings you from the ground up and gets you analyzing charts like smart money.
Use discount code 'Tradingview' in the checkout.
- learn more and get a free course preview here https://education.truebinary.io/courses/Level1
Cheers,
FromTheEther
Whether you've been bag holding for quite some time now or maybe you're like me and you've just been slowly accumulating over the last few months near bottom ends of ranges.
What we have here is a daily chart comparing
BTC.D
and
LTCBTC
* Litecoin/Bitcoin in yellow.
* BTC Dominance in blue.
For those of you who've gone through our education program or you've been following my posts on Tradingview, you know that we like to use BTC Dominance as an inverse proxy for altcoin investor sentiment.
Stated another way, when BTC Dominance goes down, alts vs. btc tend to go up. When BTC Dominance goes up, alts vs. btc tend to bleed.
Shown on this chart is a massive M top that's trying to confirm within BTC Dominance as LTC/BTC has already broken out to the upside.
Seeing this leads me to believe there's a good chance that the 2019 lows have been established for most of the alts.
Add this intermarket analysis to the huge bullish momentum divergences confirmed across the majority of altcoins right now, all the breakouts we're seeing market-wide... and this alt market is starting to look very promising to a guy like me.
I'm definitely not expecting new highs for most of these names in the short term, however, a summer rally looks to be in the cards.
Even just a 50% retracement of old 52 week highs produces a 300% or 400% move for most of these coins. I've found this to be a very realistic profit objective over the years.
Altcoins tend to have their rally window just beyond the point BTC puts in a top (which I think we're about to see over the next few weeks) You can check out the shorting location I'm looking for on BTC on this post:
That's basically it. We talk about all of this stuff every day Monday through Friday in our 100X Challenge livestreams on Youtube. You can check that out here.
FREE TRADING EDUCATION
If you want to learn the basics of technical analysis, risk management, setups, and the fundamental principles of profitable trading - Check out our Level 1 course.
We're giving it away for free right now (will sell for $2497) for Tradingview users to beta test over the next few weeks. Over 20 hours worth of content, brings you from the ground up and gets you analyzing charts like smart money.
Use discount code 'Tradingview' in the checkout.
- learn more and get a free course preview here https://education.truebinary.io/courses/Level1
Cheers,
FromTheEther
Comment:
Had to update the BTC chart I referenced.
Comment:
Aaannd now I realize the line I drew for the LTC breakout actually moved on me as I resized the chart.
You can see where the neckline is and it's slightly below where the yellow horizontal ray was drawn.
Bumber lol. 15 minutes has past and I can't edit. You get the idea!
You can see where the neckline is and it's slightly below where the yellow horizontal ray was drawn.
Bumber lol. 15 minutes has past and I can't edit. You get the idea!