A lot of things have happened in the past few days in relation to btc dominance that is reflected in breaking the bull trend we've established this cycle
you have the XRP ressurgence that led the altcoin mania which culminated with DOGE rally and continues as people move to find the next moon
BTC has been quietly allowing this to happen but for how long?
It can go on for ~1month more at this rate but then we will be in critically dangerous territory
For this to go on BTC should confirm it's loss of bull trend and local support in favor of continuing to concede to altcoins in its new downtrend.
I'm looking at the next 10 hours to be critical for this confirmation as all these trendlines will cross and a pivot point is reached.
Either way I don't see btc "crashing" at least for another month of BTC.D dropping at its current rate, since there's a lot of liquidity in alts right now that will rally to its support in the event of a serious drop
you have the XRP ressurgence that led the altcoin mania which culminated with DOGE rally and continues as people move to find the next moon
BTC has been quietly allowing this to happen but for how long?
It can go on for ~1month more at this rate but then we will be in critically dangerous territory
For this to go on BTC should confirm it's loss of bull trend and local support in favor of continuing to concede to altcoins in its new downtrend.
I'm looking at the next 10 hours to be critical for this confirmation as all these trendlines will cross and a pivot point is reached.
Either way I don't see btc "crashing" at least for another month of BTC.D dropping at its current rate, since there's a lot of liquidity in alts right now that will rally to its support in the event of a serious drop
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.