Hi. There is a lot of debate going on on bitcoin dominance right now and I thought I wanted to get the most out of this picture. I came up with the idea to take the weekly Renko chart for parsing and leave almost all my usual indicators except EMA (it is not needed here). And VFI LF is also unnecessary.
So what do we observe, besides a clearly visible very strong support around 39.8%? We have a fresh green cube with a pin bar.
1. Funny, the Renko cube went exactly where the clouds change was last time! 2. Next, Renko's cube climbs Kijun-Sen line for the third time. Believe me, not for it to serve as resistance anymore. Only as support. All tests passed. Chikou span (light green lag line) is looking up. Also a good sign. 3. What about the exact same exit upwards? On the edge of the clouds? Hypothesis! But let's note. That perhaps BTC D is flying upwards to a certain "cloud exchange" point. That's around April 1. 4. Devil, but that looks like a bull flag on a stochastic. 5. SQZMOM is heading steadily to the bullish side I'd say a minimum of three weeks, a month max we need before the first green bar.
As this is an experimental approach, there will be neither a "long" nor a "short" mark. Let's see together if this kind of reasoning works? Does reliability improve by combining Renko and Ichimoku? We'll review this chart in second half of the spring 2023. OK? Are you interested in this? Thank you for your attention!
Very interested indeed and thank you for showing. End of the day, I am arging with no one about BTC.D as what it shows is Valid BUT what I am saying is that, to some extents, its moves or % is reduced every time there is a new ALT coin added......So, lets say BTC'd was 49% in Feb 2019 ( no idea if it was or not..Just using as example) and looking at this months now and seeing it at 15% ( agani, no idea But used for example) , this does NOT mean BTC is weaker as a Crypto but could signify a large imput of ALT coins Added to the Market..... For me, the BTC/D calculation should be updated to include the number of coins added - Or have I go tthis completely wrong ? Happy to discuss
averkie_skila
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@Orriginal, Nevertheless, the speculative situation where large players may start to play against altcoins because of rising dominance may well be supported by the dominance that has already begun to rise. My point is that rising dominance can help itself by convincing manipulators that pump bitcoin and altcoin dumps carries more profit as it will help drop the capitalisation of the altcoin market (to buy it back later at the bottom). Think back to February 3 years ago... Look at the charts for February 2020.
Orriginal
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@averkie_skila, The Feb MArch 2020 sell off was Across ALL Markets and Due to very Global situations that included Fear. - I know, I was in the market and Held on to everything I had and bought the dip ;-) - but to say it again, I an ot saying BTC/d should be ignored.But it does need to take into account the number of ALTS taking a % of its dominance....thats all
averkie_skila
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@Orriginal, I get your point. I believe that even listing on exchanges +1000 altcoins every day will not stop bitcoin from playing against the entire alt market at once drowning everyone in blood. That is, the number of altcoins won't help them to slow down radical leaps in dominance at certain moments yet. When that happens, we can see that bloodbaths work regardless of whether you have 1,000 altcoins circulating or 100,000 different assets.
Orriginal
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@averkie_skila, I can't post the image here but you may want to have a look at the BTC.D chart and the TOTAL3 chart - TOTAL2 is all crypto market cap excluding BTC and ETH = this is way I don't follow BTC/D t much..BOTH rising at same time....
averkie_skila
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@Orriginal, For the time being. But there are brief moments when someone overplays the game. And we may see that probably in the not too distant future. OK, thanks for the chat. A rare case of interesting and reasoned conversation. Let's take a look at the next six months, shall we? OK, good luck and profit.
Orriginal
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@Orriginal, SORRY TYPO _ TOTAL3 is all crypto market cap excluding BTC and ETH
averkie_skila
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@Orriginal, i know all types of Total 1,2,3 line-ups
tvpgoldfish
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@Orriginal, you ask same this bs all the time. Lol
For me, the BTC/D calculation should be updated to include the number of coins added - Or have I go tthis completely wrong ? Happy to discuss