BTC Dominance (TA) - Is its the ALTs turn?
On the we can see another upward trend, , 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;
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 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.