I think the alt season period we saw lately is over, it was a massive run since Dominance had peaked when Bitcoin was 1 week from peaking at 42k.
The wealth generated in altcoins could be diverted towards Bitcoin here and help it recover from these levels. Certainly if I was an altcoin whale holding massive amounts of Ethereum in profit, I would rotate it into Bitcoin for a low risk play here, downside risk is dramatically different in both assets. The EIP1559 front run rally could be over here.
Keep an eye on this trade!
Cheers,
Ivan Labrie.
The wealth generated in altcoins could be diverted towards Bitcoin here and help it recover from these levels. Certainly if I was an altcoin whale holding massive amounts of Ethereum in profit, I would rotate it into Bitcoin for a low risk play here, downside risk is dramatically different in both assets. The EIP1559 front run rally could be over here.
Keep an eye on this trade!
Cheers,
Ivan Labrie.
Trade closed manually
Since dominance broke support here, it could go lower for 3 more weeks.#ETHBTC matches this timing it seems, #BNBBTC also strong, I'm long #BNB myself, but not #ETH sadly.
Note
So, might be good to be patient with this, and might imply #BTCUSD rallies in about 3 weeks when dominance trend reverses.
Trade active
I had to exit my alt positions today, took a 0.42% #BTC hit only anyways, but looks like the Dominance bottom thesis is back in play.Note
I didn't udpate, had to take a variety of altbtc trades the last few days, then figured out it was new retail inflows, from WSB people likely. All the coins were ancient and the few ones available at Robinhood (or that had market data there, but were also available at Coinbase), so this was stimulus check / WSB reddit pumps. Manipulated small coins, it will end badly, specially with #DOGE, same as what happened with GME, SPACs, etc
The ridiculousness of it all is mind boggling: people buying Ethereum classic cause it is 'cheaper ethereum' sums it up.
Trade active
Dominance shot up during the final week for my trend forecast, the alt party is over, either bear market started or bull market resumes with a stronger rally in
BTCUSD rather than Altcoins.Note
Bear market started.
Note
Still a good trade to short
ETHBTC as this goes higher...
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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.