BTC Dominance About To Fall!!?
Bitcoins dominance level has fallen below key support at 43.32% and we are now looking for a drop to the 41% level! This would be very positive for the whole market especially the altcoins, there could be a initial drop from dominance crashing but afterwards we will see the market start to breakout! First off on the MACD we are seeing a bearish cross with the start of a little separation, whats key here is that we see the MA's start to take off from one another and spread out lessening the chance of a near bullish cross. Like we are seeing currently we want to keep seeing rising red bars on the histogram with each one getting bigger and bigger, this shows bearish momentum and in this case its very positive for the altcoins! Now the Bollinger bands, even though we have been on a bit of a fall already we are just now starting to touch the bottom band, and usually the case if this continues is a waterslide affect bringing price action down on a slope, if this occurs this is where i think actual BTC price action will react, if theres a big drop rapidly we can likely expect BTC's price to initially fall with it. Now the EMA ribbons, which is a great longer term indicator, we notice lots of downwards pressure on BTC's dominance, we we're starting to squeeze a little bit recently but now we are beginning to see the ribbons spread out bearishly, the more the ribbons spread out and push down the further we are from an overall trend reversal, we will likely see these ribbons fully spread out in the coming weeks/month and that is when altseason will be in full effect! Not financial advice just my opinion!
Related publications
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.