Bitcoin Dominance vs Alts
Hello!
Here we have a Bitcoin Dominance chart on 4 hour timeframe.
What we can find from the picture: I have marked some with Red Circles.
There is a bullish divergence on RSI (orange lines) shown on 4hr and also on daily chart. Which tells us that a possibly trend change could be close by.
We did test the 200 Ema (red line) 2 times already but the bears got the hold like we can see from the price action.
We have seen a crazy bull market (new money flowing in) with alts, Btc and stocks. I am getting little worried because of this. Everywhere you look there is something going 20% to 100% even in US small caps. Peoples speculation is at dotcom levels.
I would suggest to slowly plan your future and possible exits if you see them fit, and look past all of the euphoria what is happening all around us. This is of course to you to decide.
Right now we are on this trend line on the price and the RSI. I do think that we might need to go get some more speed again from the bigger weekly trend line which is little lower, around 60%. (Previous weekly analysis)
We did already see a new Ath from Bitcoin yesteday but there clearly wasn't enough bulls. Otherwise we would have went to 50k.
I still think alts has little more to go based on the previous assumption and also which one would you buy with 1000 bucks. 0,02 Btc (possible 20%) or 1000 to 10k pieces of shit coin? (possible 40% to 100% RIGHT NOW).
Point is Bitcoin is expensive and people see now only fast gains, free money everywhere.
What I have understoond is that US economy is not really doing well right now and at the same time Stock markets are booming. They don't go 1 to 1 so be careful
If you do trades use stop loss.
Otherwise you will get your ass burned!
-Jebu
Here we have a Bitcoin Dominance chart on 4 hour timeframe.
What we can find from the picture: I have marked some with Red Circles.
There is a bullish divergence on RSI (orange lines) shown on 4hr and also on daily chart. Which tells us that a possibly trend change could be close by.
We did test the 200 Ema (red line) 2 times already but the bears got the hold like we can see from the price action.
We have seen a crazy bull market (new money flowing in) with alts, Btc and stocks. I am getting little worried because of this. Everywhere you look there is something going 20% to 100% even in US small caps. Peoples speculation is at dotcom levels.
I would suggest to slowly plan your future and possible exits if you see them fit, and look past all of the euphoria what is happening all around us. This is of course to you to decide.
Right now we are on this trend line on the price and the RSI. I do think that we might need to go get some more speed again from the bigger weekly trend line which is little lower, around 60%. (Previous weekly analysis)
We did already see a new Ath from Bitcoin yesteday but there clearly wasn't enough bulls. Otherwise we would have went to 50k.
I still think alts has little more to go based on the previous assumption and also which one would you buy with 1000 bucks. 0,02 Btc (possible 20%) or 1000 to 10k pieces of shit coin? (possible 40% to 100% RIGHT NOW).
Point is Bitcoin is expensive and people see now only fast gains, free money everywhere.
What I have understoond is that US economy is not really doing well right now and at the same time Stock markets are booming. They don't go 1 to 1 so be careful
If you do trades use stop loss.
Otherwise you will get your ass burned!
-Jebu
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