JacobR905

BTC Dominance about to fall hard!!?

Short
CRYPTOCAP:BTC.D   Market Cap BTC Dominance, %
Bitcoins dominance has been ranging from 48% to about 40% as of late and i think we are going to start to see a hard fall upcoming in the next week or 2. We are getting some support around 45% dominance and i believe once we see a full break of this level we are going to start to see this fall, we have a unusual gap at 44-43% and i think we could see a fill as thats usually how gaps go, at some point they usually all get filled. Looking at the MACD we are seeeing heavy downside and getting bigger separation in the MA's, so it looks like we are due for more downside over the next few days, after a very prolonged upside. Also something to keep an eye on is that RSI, we are seeing currently a break of the 50. midline and if we can hold underneath we could see ourselves in a confirmed downtrend again for BTC dominance, this would be very positive for the market in general, after the initial drop BTC could see some smaller moves 5-10% most likely and then alt coins will start to explode probably will be posting 20+% inna day like we have seen before these big corrections. Now this isn't guaranteed in any way but it is likely at some point we see BTC dominance crash again, now this could play out in a weeks time or even a months time. Now looking at the bollinger bands we are starting to see some squeezing with the bands compressing the candles, now almost all of the time this indicates that we are due to see a big move in the coming days/weeks. The only problem is it doesn't indicate what direction that'll be and thats why we incorporate other indicators to try and find that direction. This also ties into a big crash because if we do see this gap fill and a break of current support we will end up most likely right on the bottom bollinger band, and this would be huge because almost everytime price action rides the bottom band we see a medium to large size move to the downside. Not financial advice just my opinion!

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