Hello, fellow traders!
This post is about the current crypto market sentiment.
As you can see from the chart, BTC Dominance has been in an aggressive decline for the last 2 weeks. It reached 61% on November 21st and is now in 55%.
While 55% Dominance is still considered moderately high, its sudden decline shows that people are gaining interest in altcoins. BTC Dominance in an uptrend suggests people are preferring BTC over altcoins due to uncertainity, fear and correction of the market. This is because BTC is safer than other cryptocurrencies. Downtrend, on the other hand, suggests people are actively seeking more adventurous opportunities.
Many of the cryptos I’ve posted last month are also showing unusual uptrends – breaking their ATH (All Time High) or suprassing MDZ (Major Demand Zone).
Crypto Fear and Greed index also reflects ‘Greed’ with the score of 75. Last week was ‘Extreme Greed’ with 84 – although it has declined slightly, 75 is still a very high score.
These indexes suggest that we are currently facing an ‘Altcoin season’.
It is very important to be extra cautious in this market condition since major demand zones and resistance levels tend to get ignored and we do not know when the correction will take place.
My advice would be to check the BTC chart regularly and trade along with the market movements. It’s probably better to diversify portfolios to include multiple altcoins rather than sticking to a few. Although I am not a big advocate for such aggressive movements, there are still opportunities in such times of uncertainties.
React, don't predict! Stay disciplined and patient. Don't get greedy and be thankful.
God bless :)
Matthew 7 21-23
This post is about the current crypto market sentiment.
As you can see from the chart, BTC Dominance has been in an aggressive decline for the last 2 weeks. It reached 61% on November 21st and is now in 55%.
While 55% Dominance is still considered moderately high, its sudden decline shows that people are gaining interest in altcoins. BTC Dominance in an uptrend suggests people are preferring BTC over altcoins due to uncertainity, fear and correction of the market. This is because BTC is safer than other cryptocurrencies. Downtrend, on the other hand, suggests people are actively seeking more adventurous opportunities.
Many of the cryptos I’ve posted last month are also showing unusual uptrends – breaking their ATH (All Time High) or suprassing MDZ (Major Demand Zone).
Crypto Fear and Greed index also reflects ‘Greed’ with the score of 75. Last week was ‘Extreme Greed’ with 84 – although it has declined slightly, 75 is still a very high score.
These indexes suggest that we are currently facing an ‘Altcoin season’.
It is very important to be extra cautious in this market condition since major demand zones and resistance levels tend to get ignored and we do not know when the correction will take place.
My advice would be to check the BTC chart regularly and trade along with the market movements. It’s probably better to diversify portfolios to include multiple altcoins rather than sticking to a few. Although I am not a big advocate for such aggressive movements, there are still opportunities in such times of uncertainties.
React, don't predict! Stay disciplined and patient. Don't get greedy and be thankful.
God bless :)
Matthew 7 21-23
Note
Hello, fellow traders! An update to BTC Dominance - we see a small rebound as altcoins face drawback.
This reflects current fear of the market.
God bless you :)
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.
God bless you :)
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.