Between the extreme greed seen the first time that we reached 58k, and the extreme fear after the dip at 47k, the only changes happened in the news and in the mind of the market participants. The market however, did not change at all. We are still where we are.
BTC dominance will face strong resistance at 63-65 level:
- REJECTION: BTC continues sideways for a while, altcoin trading becomes extremely profitable.
- BREAKOUT: BTC makes a massive move (upside or downside), most of the altcoins will bleed.
We all know the COVID situation, so I'll skip that part. In my last published idea about the S&P 500 correcting all the way down to its 200D SMA, I didn't take in consideration the daily infection rate doubling every 7 days in some countries. If it doesn't slow down, we could go much lower than the 200D SMA. This chart shows that the dollar is trying to reverse...
I don`t think we will have another 35% crash but as you can see from the chart, the S&P 500 corrects down to the 200 simple MA (daily) every time that the price action goes too far from it. And now we seem to be quiet higher than the 200 simple MA! Will the bubble burst or the correction is over?
MID OR LONG TERM HOLD IDEA:
- Polkadot is definitely one of the strongest project fundamentally. Their ideas could solve many of the scalability problems that blockchain technology has today.
- Gavin Wood (Polkadot founder) has also invented Solidity, co-founded Ethereum and Kusama.
-BTC volatility doesn't affect too much DOT's price movement which confirms that...