Bitcoin has definitely been sucking the life out of altcoins but does this chart show bitcoin is running out of steem? With 5 elliot waves right to textbook fibonacci targets it's hard to argue that it may be time to start looking at some altcoins. Especially with that 200 ema(in orange) just above this dominance chart.
When you do a fibonacci pull on bitcoin on Bitmex exchange. I grabbed it from 3k to 14k. The most bullish thing bitcoin can do is come back down to the fibonacci 78.6 retracement. That is around $5500 but we can round up to 6k since that was the major level of 2018. If bitcoin is capitulating to 6k then we could see some of that bitcoin dominance pull back and we may just see some fiat pump into altcoins.the case is building for a potential mini altcoin boom. I would pull out of altcoins and go back to bitcoin when I see bitcoin approaching the 6k area. Dont want to miss that next bitcoin run. 3rd wave of the bigger wave 3
When you do a fibonacci pull on bitcoin on Bitmex exchange. I grabbed it from 3k to 14k. The most bullish thing bitcoin can do is come back down to the fibonacci 78.6 retracement. That is around $5500 but we can round up to 6k since that was the major level of 2018. If bitcoin is capitulating to 6k then we could see some of that bitcoin dominance pull back and we may just see some fiat pump into altcoins.the case is building for a potential mini altcoin boom. I would pull out of altcoins and go back to bitcoin when I see bitcoin approaching the 6k area. Dont want to miss that next bitcoin run. 3rd wave of the bigger wave 3
Note
I want to add that I have personally laddered into BTT/USDT. You can find that chart and trade idea on my profile
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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.