ALTSEASON ABOUT TO BLOW UP!!?
Btc's dominance has been falling recently along with BTC price action and the more we fall lower and lower the more altcoins will start to explode, as we can see today already BTC is down nearly 3.5% and ETH (leader of the alts) is up around 7% or more. Now looking at the path btc dominance is on we are approaching the 45% support level like i drew with my semi accurate path, now im thinking we could see a further bounce here like we are seeing right now but i think a further slide downwards is likely. First of all we are fastly approaching the bottom of the bollinger bands which we have seen many times can easily activate a medium to bigger sized fall in price action but in this case dominance level. we need to get a break below the 45% level which could bring our bollinger band midline resistance below this level which will give us another layer of resistance to hopefully stop dominance from shooting back up. The Wave trend looks very good it seems like we have definitely topped out for now, and we are coming down to the middle of the zone which hopefully we don't see a bounce and just continue heading in the downwards direction. now the RSI is getting somewhat close to the oversold area but we have seen time and time again the RSI staying down there and waiting awhile before recovering, now even more important than that is the fact that we have broken the midline on the RSI and if we can continue to hold below here we will find ourselves in a confirmed downtrend for BTC dominance, which i think is bullish af for altcoins. if we do see a larger crash in BTC dominance its likely that the market will see an initial drop but afterwards altcoins will start to really fly, just like ETH is already doing. Not financial advice just my opinion!
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