Bitcoin Dominance About To Fall Hard!!?
Altseason could be rolling around once again just by the looks of this BTC dominance chart, we aren't showing any signs of a climb back up and thats exactly what we want. we have taken out key support levels on our first fall and we are eying the 43% level for our next target and the altcoins will love it! If we look at the bollinger bands we notice one very key thing and thats the constant wicking onto the bottom band, we are getting closer and closer each day and in a matter of time i believe we are going to grab onto it and take it for a hard fall to the downside which happens almost every single time we see price action grab onto this band if we do see this hard fall my thoughts are that BTC might drag some of the market down a little bit initially but once we settle down we can definitely expect the altcoins to go on a big run and the further dominance falls the further the altcoins are going to fly! in 2018 we saw the peak of altseason around 35% dominance and we are still quite aways away from that point, about a -20% fall actually and i can't even imagine the insane gains the altcoins will have if this happens with ETH leading the pack also keep in mind ETH dominance will almost certainly rise and have more of a grip on the overall market. The squeeze momentum indicator is still in a bearish squeeze which is very good and we are also seeing once again a significantly bigger red bar on the histogram showing a rise in bear momentum, the longer this goes on for the more build up we will have for the squeeze release which is usually explosive and will likely shoot the dominance down significantly and also pair that with us grabbing onto the bottom bollinger band and we have a recipe for an explosive altseason or atleast the start of one! The RSI aswell like i talked about, i said there is a good chance we see a bounce off of the first support level before then falling through and we are seeing exactly that with us approaching the 2nd support coming up soon We coud see the same thing happen where we get a bounce and maybe some sideways movement before then hopefully falling further, technically with us under the midline for some time now we could be in a confirmed downtrend but i would like to see us spend a bit longer under this level before really saying we are. Another possible scenario is that we could see price action bounce off the 43% level and start to rebound a little bit in sort of fakeout fashion before then continuing the fall to the downside, our RSI would still likely be in the lower half (confirmed downtrend) coming up slightly before then dropping again! I think there is a good chance this happens at some point but i think itll be a fakeout scenario, think we could see something along the lines of a strong 1-2-3 move to the downside and thatll be the definite point where we could say we are in a confirmed downtrend and the alts will absolutely fly! Not financial advice just my opinion!!
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