Alts performance yesterday was dismal, despite they pumping. A lot of ALTs remained under the 4hr 200ema, including LTC, which looked the weakest of Alts. Alts lost all the edge they gained over BTC this month, in just one day. It looked like Alt season was starting with the BTC to LTC ratio dropping out of the falling wedge, but that was a 5% failure pattern, and the ratio went back into the wedge and tested the upper resistance.
I am hoping that the ratio will bounce and breakdown from the wedge again but I feel it is unlikely. My feeling is based on yesterday's performance. Yesterday's pump was a perfect start for Alts season, BTC dominance ended taking over and crushing Alts. And if BTC pumps further, which is likely, Alts will be crushed further.
I look at the BTC to LTC ratio, it is just the inverse of LTCBTC. BTC to LTC ratio positively correlate with BTC dominance and negatively with ALTs dominance.
I am hoping that the ratio will bounce and breakdown from the wedge again but I feel it is unlikely. My feeling is based on yesterday's performance. Yesterday's pump was a perfect start for Alts season, BTC dominance ended taking over and crushing Alts. And if BTC pumps further, which is likely, Alts will be crushed further.
I look at the BTC to LTC ratio, it is just the inverse of LTCBTC. BTC to LTC ratio positively correlate with BTC dominance and negatively with ALTs dominance.
