Let me start by stating I am no professional trader, or financial advisor, so my statements below are my personal opinions only. I strongly encourage everyone to challenge my theory with constructive criticism in the comments below.
The 100-BTC.D Daily chart is printing a larger Bullish Pennant, indicating weakness in BTC dominance, and potentially indicating a new Altcoin rally ahead (which I would really enjoy)
The last Bull Pennant that the 100-BTC.D chart printed was in January 2021, which lead to the big Altcoin gains between Jan-May 21.
Since reaching the 'target' of that January pattern, Altcoins have taken a price hit as profits were moved back to BTC.
With the recent BTC rejection of $42k, we may start to see some of that money move back into Altcoins are traders start looking for more short term profits.
In the past week I've noticed several altcoins pump ~30% in a few hours as extremely large (relative) volumes being traded. To me think indicates big money
is starting to re-accumulate altcoins at current prices, preparing for the next mark up.
The 100-BTC.D Daily chart is printing a larger Bullish Pennant, indicating weakness in BTC dominance, and potentially indicating a new Altcoin rally ahead (which I would really enjoy)
The last Bull Pennant that the 100-BTC.D chart printed was in January 2021, which lead to the big Altcoin gains between Jan-May 21.
Since reaching the 'target' of that January pattern, Altcoins have taken a price hit as profits were moved back to BTC.
With the recent BTC rejection of $42k, we may start to see some of that money move back into Altcoins are traders start looking for more short term profits.
In the past week I've noticed several altcoins pump ~30% in a few hours as extremely large (relative) volumes being traded. To me think indicates big money
is starting to re-accumulate altcoins at current prices, preparing for the next mark up.