There are 3 possible scenarios:
1. Alt season
2. Consolidation
3. Breakout
Alt season: The more the BTC dominance falls, the closer we get to the alt season. in that case, it will be time for altcoins to play the market and we will experience heavy pumps by backed coins such as ETH, TRX, XRP, BNB, and so on.
Consolidation: if the dominance stays the same we will experience a period of consolidation, which builds up the price by adding volume to the foundation and leads it to a strong pump for re-testing the resistance area.
Breakout: This might be manual. because no logical signs are backing the idea of a breakout! the price has already broken down the regression channel and even though we might be in noise right now, I still can't find any other reason for a breakout. no indicator or analysis shows any signs right now. And by "manual" I meant the word of powerful individuals on Twitter.
Also, The strongest Support area we have right now based on Fibonacci is $50K. and the next local resistance is around the $56K - $57.7K area.
1. Alt season
2. Consolidation
3. Breakout
Alt season: The more the BTC dominance falls, the closer we get to the alt season. in that case, it will be time for altcoins to play the market and we will experience heavy pumps by backed coins such as ETH, TRX, XRP, BNB, and so on.
Consolidation: if the dominance stays the same we will experience a period of consolidation, which builds up the price by adding volume to the foundation and leads it to a strong pump for re-testing the resistance area.
Breakout: This might be manual. because no logical signs are backing the idea of a breakout! the price has already broken down the regression channel and even though we might be in noise right now, I still can't find any other reason for a breakout. no indicator or analysis shows any signs right now. And by "manual" I meant the word of powerful individuals on Twitter.
Also, The strongest Support area we have right now based on Fibonacci is $50K. and the next local resistance is around the $56K - $57.7K area.
