Altcoins dominance already crossed its ATH this year however Bitcoin dominance ATL is still untouched. Yet its crossing is very close and may happen pretty soon, in weeks, even days from now.
Watch closesly what happened last time we had anological situation:
Check CMC on for example web archive website what price progress...
Chart describes it all. For Elliot lovers there is also possible to draw all 5 waves counting from Jun 29.
In case of crashing the red-line then most possibly we will downslide on the orange line until resistances around Jul 7.
Adam n Eve from my previous prediction hit the target very precisely but every downtrend will not last forever. We still might drop a bit creating the fake out from current falling wedge and then come back to long uprise is highly possible from this point.
Adam n Eve from my previous prediction hit the target very precisely but every downtrend will not last forever. We still might drop a bit to meet the bottom line of current falling wedge before the uprise.
Last bottom from June 13th left us with quite amount of bullish candle formations like Morning Stars and Bullish Engulfings on very important intervals from 4h up to 12h (1d looks uncertain currently).
Also all RSI indicators from 2h up to 1d already left oversold values and bottom border of Bollinger Bands for intervals up to 3d are already crossed. I assume that...
We left narrower rising wedge to form the wider one to hit the 23.6% fibo retracement level of whole $9.9k-$7k move and borders of wedges. We also left down-trend line from $9.9k on all interval up to 1d so correction is highly possible and even needed in this place.
RSI, BB and Stoch RSI shows many bearish signals on most intervals.
We have divergence between the volume and RSI especially visible on 1d interval. Falling volume along with each-time smaller change in prices suggest ongoing correction coming to its end. Higher RSI tops and bottoms suggest that investors are willing to go up with the price. With this scenario it would be good not to fall under $7k, but hitting $6.8k is of course...
350 days lasting EOS - ICO will end in 12 days from now. EOS team gets between $10-$30mln dollars daily since months and this all will end during one single night shortly. Money flow between the ICO and exchanges will stop. If we will not break the point I marked on the chart then the big fall is coming.
Fibo extension of last impulsive fall shows it potential end around $7850 which is very close to 61.8% fibo retracement of whole rise from $6.5k. Violet line ($3k - $6k) and the blue line may stop this fall however going through whole demand zone (green rectangle) has bigger possibility.
We already had 50% retracement of whole impulsive upward move from $6.5k, also we came back to the previous channel and bounced from its bottom. On 1h, 2h, 4h intervals we have Hammer candles formations which are bullish signs and my led us above the solid red line from where we have big chances to crash yellow line. This scenario has bigger chances for me...
Fibonacci extension shows that current uprise could be over very soon and we will start a corrective ABC pattern.
Red line - pretty solid supply zone from 23th , 24th and 28th of February.
Yellow line - downtrend line: peaks at 29th January and 23th February.