Bitcoin Dominance (BTC.D) - Altcoin Season Coming
Update from my previous Bitcoin Dominance (BTC.D) post where I called the 70.21% top and the wick of 72.04% before dropping, you can check it out in the related posts.
BTC.D didn't see a single candle close on the weekly over 72.04% which is very good in terms of altcoin season coming as it doesn't look like it's going to go any higher.
Previously in the fall of 2019, BTC.D also hit a high near the price it hit over the 2021 new year at ~72.04%.
This looks like a classic double top pattern and at the moment BTC.D looks like its holding this uptrend, but could break it and start falling like the price did in 2017 for the 1st altcoin season.
With coins like ETH/BTC popping off and making highs for the 1st time since 2018, this ratio looks very promising to dip. Also many other altcoins look like they're at their bottom & starting their reversal like LTC, XRP, XLM, etc.. to name a few. This is just an update from the post, called the top at 70.21% if it reverses down now.
If the ratio falls and we see an altcoin season, which could be a possibility now that Bitcoin is already up over 50% since hitting its ATH, it could chill out around $30,000 - $40,000 as these altcoins find their previous ATH prices.
Can't really trade the BTC.D besides understand the 'altcoin season index' but here are the levels i'm looking at for a reversal:
58.25%
53.30%
40.69%
35.75%
As always please do your own research, I am not a financial advisor.
BTC.D didn't see a single candle close on the weekly over 72.04% which is very good in terms of altcoin season coming as it doesn't look like it's going to go any higher.
Previously in the fall of 2019, BTC.D also hit a high near the price it hit over the 2021 new year at ~72.04%.
This looks like a classic double top pattern and at the moment BTC.D looks like its holding this uptrend, but could break it and start falling like the price did in 2017 for the 1st altcoin season.
With coins like ETH/BTC popping off and making highs for the 1st time since 2018, this ratio looks very promising to dip. Also many other altcoins look like they're at their bottom & starting their reversal like LTC, XRP, XLM, etc.. to name a few. This is just an update from the post, called the top at 70.21% if it reverses down now.
If the ratio falls and we see an altcoin season, which could be a possibility now that Bitcoin is already up over 50% since hitting its ATH, it could chill out around $30,000 - $40,000 as these altcoins find their previous ATH prices.
Can't really trade the BTC.D besides understand the 'altcoin season index' but here are the levels i'm looking at for a reversal:
58.25%
53.30%
40.69%
35.75%
As always please do your own research, I am not a financial advisor.
