GET OUT OF ALTS NOW! - Bitcoin Dominance Poised For Breakout
Bitcoin's surging dominance just had a clean break above resistance and is gathering momentum for an upside breakout. As you can see from the chart, this pattern has happened before repeatedly (refer to the rocket icons) so the continuation pattern isn't going to change unless of course, the teal support breaks.
If you are thinking of switching your alts over to bitcoin , don't! The impending upside surge of Bitcoin dominance does not necessarily mean that the Bitcoin value against the US dollar would rise as well. As a matter of fact, I believe that Bitcoin is fast approaching an inflection point where we are likely to witness a trend reversal over the near term. You may refer to the Bitcoin forecast that I posted yesterday to find out when the BTC market is likely to flip.
Most of you are probably thinking, "Isn't it good for alts if Bitcoin crashes?". The answer is no. What best describes the correlation between alts and Bitcoin is this phrase, "Up is down, down is down and sideways is up."
What it means is that when Bitcoin goes up, alts would go down and when Bitcoin goes down, alts go down too... BUT when Bitcoin goes sideways, that's when alts go up! So etch this in your forehead if you have to... lol!
If you learn something new in this forecast or enjoyed reading it, please give it a THUMBS UP! Follow me so you will always get notified on my future postings. I don't post here regularly but I do run a private trading group where I share my forecasts and trade ideas on Bitcoin and major altcoins so DM me if you are interested or check my profile.
Here are some of my recent Bitcoin forecasts on TradingView.
Bitcoin Bulls Need A Break - Not The Time To Buy Yet
Bitcoin - or Bear Trap?
Bitcoin Retains Bias, Eyes New Yearly High
How I Nailed the Bitcoin Cash Trade with 172% Profit