Bitcoin dominance 1W analysis
The Bitcoin dominance is at a crucial point.
Looking at the channel construction it could break out to the downside in the upcoming weeks, which would result in an alt season.
But, there is also a chance that the dominance will create first a lower high compared to the run in December.
This would require a short upwards movement of the dominance, which would be bad for altcoins.
If we disregard the outlier in December last year, we can see a clear lower high construction since September 2019.
I think that the channel will be broken which would lead to the fall of the Bitcoin dominance. The only question is when this would happen.
Looking at other points in history, such as the time between high & low of the channel and last years alt season, a new season could occur somewhere in May.
Curious what you guys think!
Looking at the channel construction it could break out to the downside in the upcoming weeks, which would result in an alt season.
But, there is also a chance that the dominance will create first a lower high compared to the run in December.
This would require a short upwards movement of the dominance, which would be bad for altcoins.
If we disregard the outlier in December last year, we can see a clear lower high construction since September 2019.
I think that the channel will be broken which would lead to the fall of the Bitcoin dominance. The only question is when this would happen.
Looking at other points in history, such as the time between high & low of the channel and last years alt season, a new season could occur somewhere in May.
Curious what you guys think!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.