BTC DOMINANCE - WE HAD A CLEAR INDICATION TO SELL OUR ALTS!!!
Hey guys I hope you are well. I found a really interesting pattern on the BTC dominance chart and I'd like to share it with you all.
As you can see in the chart btc dominance was stuck between 59.04 and 35.07 since December 2018. On 6th May we had a clear breakout of this triangle and that was a CLEAR sign for us to dump all alts. The dominance went right up to 63.37% and in the next few days it fell back into the triangle to test the support. On 17th June we broke out again and this was the 2nd CLEAR sign to dump all alts no matter what the loss was. As you can see we have had 3 more green weekly candles and the dump on alts has continued ever since.
Some of us dumped alts and some of us didn't.
So what are you supposed to do now if you are still holding alts? Here's my take on it:
Now we broaden the triangle a bit and look at the range between 35.07 and 66.96... We are facing resistance right now and I'm looking at the 67.5% level as resistance. So the good news is there might be relief for Alts really really soon. If we don't breakout here It is possible to go all the way down to 55.90% levels and if that happens we will see alts recover all the losses of the past few weeks. Having said that, Im eyeing a clear break out above 67.5 and if that happens and we close 2-3 daily candle above it I will consider dumping all my alts. It is definitely possible to see the BTC dominance at 80% Infact that is the target of the triangle we just broke out of. NEVER say NEVER and remember anything is possible in Crypto so do protect your capital.
As you can see in the chart btc dominance was stuck between 59.04 and 35.07 since December 2018. On 6th May we had a clear breakout of this triangle and that was a CLEAR sign for us to dump all alts. The dominance went right up to 63.37% and in the next few days it fell back into the triangle to test the support. On 17th June we broke out again and this was the 2nd CLEAR sign to dump all alts no matter what the loss was. As you can see we have had 3 more green weekly candles and the dump on alts has continued ever since.
Some of us dumped alts and some of us didn't.
So what are you supposed to do now if you are still holding alts? Here's my take on it:
Now we broaden the triangle a bit and look at the range between 35.07 and 66.96... We are facing resistance right now and I'm looking at the 67.5% level as resistance. So the good news is there might be relief for Alts really really soon. If we don't breakout here It is possible to go all the way down to 55.90% levels and if that happens we will see alts recover all the losses of the past few weeks. Having said that, Im eyeing a clear break out above 67.5 and if that happens and we close 2-3 daily candle above it I will consider dumping all my alts. It is definitely possible to see the BTC dominance at 80% Infact that is the target of the triangle we just broke out of. NEVER say NEVER and remember anything is possible in Crypto so do protect your capital.
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.