Hello guys playing around Bitcoin dominance and discovered it was filled up with lots of bear flag which each break leading to huge altcoin pumping. Presently we have another flag that is about to break we should keep an eyes on this as it will surely lead to another huge pump in alt market.
Enjoy your alts guys as they pump.
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Do you know what falling dominance of BTC means?
Yes, you are right. The more bullish the market is the smaller dominance of BTC is.
It happens when the market is positive about the future and people invest in other projects than BTC.
It means they are not afraid anymore and put their money somewhere else than the safest crypto so far BTC.
As you can...
$BTC dominance will go down from here. In my opinion alts will recover and have some nice upwards movements the coming week. If we can break downwards, alt season will start.
Keep in mind, we are not a registered broker, analyst, investment advisor or anything like that. Everything that we provide is purely for guidance, informational and educational purposes....
You can see the Chart of Btc Dominance on Daily Timeframe .
I have Mention Support and resistance levels on Chart
Note: This is only for Educational Purpose this is not an Investment advice.
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It's been a while since the last time I posted a chart. But i see BTC dominance very weak and likely to breakdown that little triangle pattern. If a ALT season is coming, btc dominance might drop to 25%. If you have BTC you might want to diversify into promising alts. All right cya.
Type of Trade: Cyclical
Pattern: Bullish Flag
How to interpret this data?
For longs: Altcoins (i.e., ethereum, litecoin, bitcoin cash, etc.) likely to underperform Bitcoin. Altcoin traders are likely to convert holdings to Bitcoin.
For shorts: Altcoins shorts likely to outperform Bitcoin shorts.
BTC dominance macro-view:
Now we will close BELOW monthly MA resistance which is an incredibly bearish sign for bitcoin dominance and also we will close below the MAIN support line which now will switch it to be a strong strong strong resistance
MACD (momentum) still going down and hope to switch to the bearside to have a beauty altcoin season
Bear cross at...
BTC has 10 or 30% upside.
That would mean Alt either goes up 3% or 23%, or if btc dominance goes down alts could do 15% or 40%.
Altcoin chart suggest 15% tp be most likely and BTC 10%, in other words, BTC dom should go down by 5-7%