BTC Dominance: Alt Season Coming!
Hello friends, today you can review the technical analysis on a 1W linear scale line chart for the Bitcoin Dominance. I generally look at candlestick charts, but for presentation purposes, a line chart is used.
1) The BTC Dominance has been respecting a Parallel Channel since the May 2021 crypto market correction.
2) Also there is a Bear Flag Pattern that has formed in the charts. This pattern's target is usually the length of the flag staff.
3) Since the RSI (relative strength index) recently broke a key support line, it may go back up to re-test the trendline before falling further.
4) With the potential increase in RSI, the Bitcoin Dominance may go up as well before a drop down.
5) If the Bitcoin Dominance falls to the target, it could result in potentially the biggest Altcoin Season.
6) If Bitcoin Dominance breakout above the Parallel Channel, it could invalidate this idea.
7) This is a weekly chart so don't expect anything to happen quickly.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
1) The BTC Dominance has been respecting a Parallel Channel since the May 2021 crypto market correction.
2) Also there is a Bear Flag Pattern that has formed in the charts. This pattern's target is usually the length of the flag staff.
3) Since the RSI (relative strength index) recently broke a key support line, it may go back up to re-test the trendline before falling further.
4) With the potential increase in RSI, the Bitcoin Dominance may go up as well before a drop down.
5) If the Bitcoin Dominance falls to the target, it could result in potentially the biggest Altcoin Season.
6) If Bitcoin Dominance breakout above the Parallel Channel, it could invalidate this idea.
7) This is a weekly chart so don't expect anything to happen quickly.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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