Since BTC dropped the last hours, but Alts are tending to stay stable / even rise a bit, I took a look at the Altcoin Dominance. We *may*bottomed out here, as we touched the weekly MA200 and we have a falling wedge which starts squeezing the Alt dominance pretty narrow. Additionally we have a candlestick pattern which pierced the aforementioned weekly MA200 and *may*, with further rising of Alt dominance today, become a hammer candlestick pattern (bullish reversal).
Also note that (further) falling of Alt dominance got indicated in the first week on April, after the Alt dominance followed the MA100 for exactly 2 Months (February and March) like a well-behaved dog before it got scared from MA50 and broke down. The MA50 seems like guiding the Alt dominance in an Altseason (see from end 2017 until mid 2018).
Additionally in retrospect of the cross down of MA50/100, it looks like a decent indicator to check the holded alts if one really wants to hold them trough another possible Altbleeding.
Also note that (further) falling of Alt dominance got indicated in the first week on April, after the Alt dominance followed the MA100 for exactly 2 Months (February and March) like a well-behaved dog before it got scared from MA50 and broke down. The MA50 seems like guiding the Alt dominance in an Altseason (see from end 2017 until mid 2018).
Additionally in retrospect of the cross down of MA50/100, it looks like a decent indicator to check the holded alts if one really wants to hold them trough another possible Altbleeding.
Comment:
Falling wedge played out:
Comment:
Weekly perspective, piercing MA200. Can it stay above? We'll see on sunday.
Comment:
Monthly perspective, it seems like the support at MA50 stalled the altcoin bleeding: