Bitcoin vs Altcoin the game of Dominance 2
hey guys welcome to a fresh update of crypto market, now things start to look more favorable for altcoin traders, as Bitcoin dominance keeps declining brings more and more fresh volume and high liquidity for alt markets, after all its time for a new altseason, so before moving forward its necessary for you to check my first update on altseason to briefly understand what's going on, here it is...
alright so now talking abt the top chart some major points we need to carefully consider
(.) The red and green belt which is previous resistance zone turned to be support zone is still in act and prices beautifully hold that level and succeed to from there, recent drop could be a pullback to retest the green zone and than we could start to go even higher.
(.) The downtrend channel which has been developed from July has clearly broken (blue circle) in the start of September and in end of September prices retest the upper line of that channel for a final pullback which clearly shows that bottom has been formed now.
(.) RSI making higher highs with prices making lower lows indicates for strong bullish divergence.
(.) Right now alt mcap is struggling at 21 daily ema hovering around 66.9b level which is not so hard for bulls to break, most likely we could see a huge spike from this level to which could test 200 Daily MA siting at 85b resistance level in coming days.
As looking by Bitcoin's dominance chart, quite clear that its moving in a downtrend channel from almost 40 days and keeps declining the resistance levels as we have already broke the 69.51 support level which also act as a perfect resistance zone, we're now moving towards to test next major support level the orange line around 66.58, but i think this looks weaker and we could easily drop upto 65.63 level where we could also test 200 daily MA in coming days, this indicates that alts will keep growing in coming days whereas Bitcoin could struggle with low volatility issues and declining dominance.
but thats also good for altmarket, as Bitcoin could remain stable will create perfect environment for altseason.
so thumbs up for your alt bag, keep hodl...
alright guys, that's all for now hope this idea will help you to make huge huge profits like the previous one's ;), dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram, my premium members are enjoying both sides no matter whether its bullish or bearish ....
contact me on telegram to join we just made huge huge profits with ETH and XBT
refine your trading and turn your losses in huge profits...
This is Husain Zabir signing out
alright so now talking abt the top chart some major points we need to carefully consider
(.) The red and green belt which is previous resistance zone turned to be support zone is still in act and prices beautifully hold that level and succeed to from there, recent drop could be a pullback to retest the green zone and than we could start to go even higher.
(.) The downtrend channel which has been developed from July has clearly broken (blue circle) in the start of September and in end of September prices retest the upper line of that channel for a final pullback which clearly shows that bottom has been formed now.
(.) RSI making higher highs with prices making lower lows indicates for strong bullish divergence.
(.) Right now alt mcap is struggling at 21 daily ema hovering around 66.9b level which is not so hard for bulls to break, most likely we could see a huge spike from this level to which could test 200 Daily MA siting at 85b resistance level in coming days.
but thats also good for altmarket, as Bitcoin could remain stable will create perfect environment for altseason.
so thumbs up for your alt bag, keep hodl...
alright guys, that's all for now hope this idea will help you to make huge huge profits like the previous one's ;), dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram, my premium members are enjoying both sides no matter whether its bullish or bearish ....
contact me on telegram to join we just made huge huge profits with ETH and XBT
refine your trading and turn your losses in huge profits...
This is Husain Zabir signing out
