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brotoshee
Aug 14, 2021 3:40 AM

August 2021 Update: Ser When Next Alt Season? Short

Market Cap BTC Dominance, %CRYPTOCAP

Description

In my previous idea, I had a bias towards BTC.D going up but was willing to change my opinion if one of these two happens between:

1. ETH and major DeFi show reversal patterns on the 12h charts AND
2. BTC continues to be neutral to bullish .

Well as luck would have it, both 1 and 2 happened so I have been scaling into alts slowly over the last few weeks.
This is a breakdown of a triangle so I expect trend to continue. Alts INCLUDING ETH trade at Bitcoin's mercy so alts will only outperform BTC if BTC remains on a slow uptrend/sideways.
A good sign of strength over the last two weeks is that alt/btc pairs have looked strong despite the BTC move to the upside.

I expect alt season to end when BTC starts making new all time highs. Will scale out of alts when that occurs.
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