Bitcoin dominance falling day by day. Is this jus tbeggining ?
Hello everyone ! Wish you all good and profitable day.
Today I´m here with something to think about as one of my friends contacted me and told me:
" Hey look dear Anoinvest, Bitcoin dominance RSI is really low, it should bounce and rekt alts again right ? "
Well here is my answer for you. It could happend Not necessary !
If you take a look at top left screen here is the beggining of alt season in 2017
You can see how RSI hit 6 here and it didn´t initiated bounce for BTC.D at all even vice versa it accelerated the dropping
and it took exactly 300 more days for Bitcoin to fully reverse the trend and fight its dominance back as people lost hope in alts.
Well its 11 days since Bitcoin broke down from its rising wedge pattern and its loosing its dominance every single day
Below you can see the rising wedge channel with possible EW count
MA200 points down for BTC.D and up for crypto total market cap exclude BTC
But thats not all !
Crypto total market cap exclude BTC did major breakout of important resistance on Weekly chart as well as MA100 & Ichimoku .
From psychology state I think we are hitting Hope/Take off zone
Don´t get me wrong ! Im bullish on Bitcoin long term & I really think it will hit and posibly pass 100K USD but its literally "only" 10x (1000%) from 10K where we sit at the time of writting.
And I really think lot of altcoins can overpass these gains well some of them allready did 200-400% gains in past one month.
Ass a BONUS: here is my "long term map"
Well to summarize it. RSI indicator is relative but I think 2020/2021 will be really great years for altcoins and crypto overall.
Feel free to leave a comment below the chart or ask if you are in doubts.
& remember that likes are highly appriciated ^^
Cheers.
-------------
Disclaimer:
I´m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature, and therefore I´m unqualified to give investment recommendations.
Always do your own research and consult with a licensed investment professional before investing.
This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
Today I´m here with something to think about as one of my friends contacted me and told me:
" Hey look dear Anoinvest, Bitcoin dominance RSI is really low, it should bounce and rekt alts again right ? "
Well here is my answer for you. It could happend Not necessary !
If you take a look at top left screen here is the beggining of alt season in 2017
You can see how RSI hit 6 here and it didn´t initiated bounce for BTC.D at all even vice versa it accelerated the dropping
and it took exactly 300 more days for Bitcoin to fully reverse the trend and fight its dominance back as people lost hope in alts.
Well its 11 days since Bitcoin broke down from its rising wedge pattern and its loosing its dominance every single day
Below you can see the rising wedge channel with possible EW count
MA200 points down for BTC.D and up for crypto total market cap exclude BTC
But thats not all !
Crypto total market cap exclude BTC did major breakout of important resistance on Weekly chart as well as MA100 & Ichimoku .
From psychology state I think we are hitting Hope/Take off zone
Don´t get me wrong ! Im bullish on Bitcoin long term & I really think it will hit and posibly pass 100K USD but its literally "only" 10x (1000%) from 10K where we sit at the time of writting.
And I really think lot of altcoins can overpass these gains well some of them allready did 200-400% gains in past one month.
Ass a BONUS: here is my "long term map"
Well to summarize it. RSI indicator is relative but I think 2020/2021 will be really great years for altcoins and crypto overall.
Feel free to leave a comment below the chart or ask if you are in doubts.
& remember that likes are highly appriciated ^^
Cheers.
-------------
Disclaimer:
I´m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature, and therefore I´m unqualified to give investment recommendations.
Always do your own research and consult with a licensed investment professional before investing.
This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
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