Bit worried about BTC here
Updated
Honestly I've never charted BTC dominance before so I'm just taking it like I see any other chart, and my position on it is currently neutral-to-bearish. Here is the monthly chart, and I see some big resistances overhead. The first is coming from the 50 month EMA, which is very closely matching up with the fib lines I have placed (2.618), adding confluence to resistance. We are currently peeking above it however, so it may act as a bullish signal for higher BTC dominance. But there's still resistance at 77% dom. from July '17 high, marked by the top of the red box drawn.
Adding to this, the RSI is nearing overbought on the monthly, so where can we expect it to go? I'm guessing it will probably drop. Perhaps not a lot since a lot of the ICO bubble has popped and gone away forever. But there are still other competitors for the crypto market share that are looking like tasty buys in terms of USD and also BTC. It has been awesome to see BTC recover so much of its crypto market share in 2019 but I wouldn't say it's going back up to previous highs. Some remarkable stuff would have to happen to see that.
Oh, and another trader on here (forgot the name) has pointed out this rising wedge pattern, which tends to lean bearish and we're just nearing the top of it for decision time. But we shall see. All signs are pointing a bit bearish for me, but keep in mind this is a monthly chart so there's a lot of time for things to happen price-wise. It could still shoot past 80% but I doubt it will happen in the near future.
Adding to this, the RSI is nearing overbought on the monthly, so where can we expect it to go? I'm guessing it will probably drop. Perhaps not a lot since a lot of the ICO bubble has popped and gone away forever. But there are still other competitors for the crypto market share that are looking like tasty buys in terms of USD and also BTC. It has been awesome to see BTC recover so much of its crypto market share in 2019 but I wouldn't say it's going back up to previous highs. Some remarkable stuff would have to happen to see that.
Oh, and another trader on here (forgot the name) has pointed out this rising wedge pattern, which tends to lean bearish and we're just nearing the top of it for decision time. But we shall see. All signs are pointing a bit bearish for me, but keep in mind this is a monthly chart so there's a lot of time for things to happen price-wise. It could still shoot past 80% but I doubt it will happen in the near future.
Note
One thing I forgot to mention is the Bakkt launch. Not sure if I'm excited for that or not yet.Note
LOL yesterday at the dump right after Bakkt opened up shop.
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