Broke out of decending channel and now in a rising channel. Has bearish divs on the 1H, might publlback to retest old channel. Looks bad for Alts until the end of the month, unless BTC.d drops out of the channel somehow.
Bitcoin dominance, a metric that calculates the cryptocurrency’s share versus other assets on the market, has been trending up since the start of October. The last time dominance was at this level was at the end of August.
“Although there is positive sentiment around BTC, bull runs usually lead to a bear market in alt coins,” noted Melvis Langyintuo, a market...
It is a critical moment for the crypto market. We are in a region where it will be defined if the alt coin market will recover it uptrend or if we will see a huge increase of the bitcoin related with the rest of the market. Note that the BTC Dominance is below of a very important resistance an pass throw this resistance can allow the btc dominance...
There is a strong confluence of a yearly trend line and a yearly support level that will most likely behave as resistance now.
I expect an aggressive BTC Dominance push that might reach >= 66% with alts bleeding hard and shaking out weak hands, followed by an extreme rejection and reversal in BTD.D.
I always play monthly trend lines and very rarely see 3 printing such clear resistance lines. I don't think that BTC could break 2 much less 3 of these. If it broke all 3 than set your buy orders because it is going to the moon. I would expect a rejection and money to flow back into alts. Being that the path for BTC would have to come from an extreme sell off...
Looks like BTC is about to flex and keep the slaughter going for the alt's, if it manages to close above 62 today. We are still moving inside this year old descending channel, we got a double bottom confirming the strong support of the same. We also created a round bottom and appear to have conquered all the EMA's. When you add the amount of money that came into...
BTC Dominance back at ~60% level (historically a strong level to cross both way 🧐)
As this keeps pushing up, alts will keep bleeding, so careful hodling bags.
Good news is that eventually, alts will catch up and a new alt season will start again
💎Yello😎! BTC dominance is following our analysis perfectly since 13th July.
💎After the dominance saw a bounce from the strong support at 57.72%, thankfully we decided to stop trading the altcoins on the spot and look for short opportunities on futures instead. This has been very beneficial for us, as most alts are seeing double-digit losses...
Me thinks Bitcoiners are about to get trapped.
Noticing a lot of outflow and negative sentiment regarding alts.
BTC rallying without them currently.
BTC Dominance has reached a resistance level and there is a possibility of it turning down from here.
All altcoins are heavily oversold, but I think, that trend will change very soon. BTC dominance is currently testing that big grey resistance, we have huge bearish divergence on daily RSI. It looks to me like WXY correction, we have nice triangle in wave "Y". I think, that bitcoin will go sideways for a rest of the year, while altcoins will be pumping heavily.
I made edits to the Eliot waves. Not surprisingly the time line is a bit off. This could top anywhere between end of October and early in December. I expect a high probability of reversal before year end.
Look at 50 MA lined up nicely with Fib level. I expect this to move fast and faster before it tops out. ...
As you can see, altcoins are falling heavily right now. It is because of this head and shoulders pattern! I would exit all altcoins now and buy for a cheaper price. Or you can short any altcoins on any futures market.
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