Bitcoin Dominance and Ethereum (ALTS)
Hello!
I think I found some interesting data from Dominance and ETH/BTC price action.
I was compering and watching for Bitcoin Dominance once again. We are right now on same levels we have seen in 4th of December 2017 and 2nd of September 2018. Like we can see from the comparison these both times ETH/BTC has been on bottom. 31 of August 2020 there was also a beautiful correlation between these two. So if we would believe to history. When Bitcoin Dominance is at the top it is better time to buy ETH compared to BTC.
We will see how Bitcoin reacts to this level. Right now there is happening small correction so I'm little late with this analysis but who cares ;D.
If the BTC dip gets bought then we might brake the Dominance highs which means more bleeding to alts and bitcoin closer to 30 - 35k but if not we are going to see alts to take some market place which they do deserve cause Bitcoin technology (proof of work) is kinda old school.
I guess people have heard about Bitcoin once again and are putting money in believing for big returns. Ebay and insurance companies has also brought Bitcoin to mainstream and as long as we have stimulus and money printed Bitcoins fundamentals stay strong. It's fundamentals and technology are based on stopping 3rd parties control and need of them.
So far Bitcoin has been really strong and money has been flowing hard to Bitcoin but there will be a time when money moves to alts which has an idea, technology and workes who truly believes to the idea they work for.
Previously I have always said be careful of this Fear and Creed Index but I guess it is kinda broken because of the new money flowing in so what ever..
Oh yeah! Also Total Market Cap is really close to the All Time High so check that out. It can also work as a small resistance, even thou I am little skeptical about it cause of this crazy bull market
Check out my huge Ethereum head and shoulders analysis
There is still space for the other shoulder
If you do trades use stop loss or you will get your ass burned!
1st mistake new traders do is take too big risk.
-Jebu
I think I found some interesting data from Dominance and ETH/BTC price action.
I was compering and watching for Bitcoin Dominance once again. We are right now on same levels we have seen in 4th of December 2017 and 2nd of September 2018. Like we can see from the comparison these both times ETH/BTC has been on bottom. 31 of August 2020 there was also a beautiful correlation between these two. So if we would believe to history. When Bitcoin Dominance is at the top it is better time to buy ETH compared to BTC.
We will see how Bitcoin reacts to this level. Right now there is happening small correction so I'm little late with this analysis but who cares ;D.
If the BTC dip gets bought then we might brake the Dominance highs which means more bleeding to alts and bitcoin closer to 30 - 35k but if not we are going to see alts to take some market place which they do deserve cause Bitcoin technology (proof of work) is kinda old school.
I guess people have heard about Bitcoin once again and are putting money in believing for big returns. Ebay and insurance companies has also brought Bitcoin to mainstream and as long as we have stimulus and money printed Bitcoins fundamentals stay strong. It's fundamentals and technology are based on stopping 3rd parties control and need of them.
So far Bitcoin has been really strong and money has been flowing hard to Bitcoin but there will be a time when money moves to alts which has an idea, technology and workes who truly believes to the idea they work for.
Previously I have always said be careful of this Fear and Creed Index but I guess it is kinda broken because of the new money flowing in so what ever..
Oh yeah! Also Total Market Cap is really close to the All Time High so check that out. It can also work as a small resistance, even thou I am little skeptical about it cause of this crazy bull market
Check out my huge Ethereum head and shoulders analysis
There is still space for the other shoulder
If you do trades use stop loss or you will get your ass burned!
1st mistake new traders do is take too big risk.
-Jebu
