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BTC Dominance (TA) - Is its the ALTs turn?

CRYPTOCAP:BTC.D   Market Cap BTC Dominance, % (CALCULATED BY TRADINGVIEW)
Observation:

On the daily chart we can see another upward trend, wedge , with a recent drop of BTC dominance which also correlates to the ALTs latest performances.
Note the divergence that was corrected by this recent BTC drop (black lines)

I would attribute this to 2 things:
a) BTC is in a down trend as many say the correction we needed to have;
b) The ALTs have hit near rock bottom and hence being enticingly cheap;

My thoughts:
a) Either BTC is going to find the bottom soon for a reversal to the current downward trend (don't mistake this term as a bear trend).
Which many say is the 8K range and some even the 7K range.

b) Or BTC is going to move up on this recent uptrend to the edge of the BTC dominance wedge before it drops.

I am bias towards BTC down trend towards the 8 K range and then another BTC up spike. Its difficult to say at this point if the 9K was this point.
I am also of the opinion that the ALTs have a little more to go to the downside.

Mind you there is no reason why BTC cannot keep going up to 70's % range.


PREVIOUS Posting

Comment: Interesting...I had 2 sloping supports and it looks like its sticking to one of them. BTC Dominance is heading higher to the 70s percentages as I suspected.
Comment:
Comment: BTC domiance to drop further for the short term, target 66.90%
Comment:
Comment: If BTC is close to the bottom, then we will experience NO H&S but a dip, something like this (Not my idea)
Comment: How are we tracking... it would have been nice for it to drop as highlighted as then we could have had a stronger BTC dominance i feel. Hence we might expect a weakening as it moves up.
Comment: This is odd, on the daily, the dominance is higher than the 4 Hrly. Can't make sense of it.
Comment: My BTC dominance chart. The pattern I forcasted has even surprised me that I got it so accurate. LOL

Comments

BTC moving slowly up to 12.5k while losing dominance is another possibility.
+1 Reply
really love the way the market works, always teaching us lessons. thanks for sharing your ideas, hope you take value from my work
+1 Reply
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