BTC Dominance Update!!
Little update for our Bitcoin dominance before we head into the weekend and the very first thing i notice and that ive been talking about the past couple TA's is the current support level at 44.68 we aare once again seeing a push below here which is going to be key if we can see a daily close again under this level, will add to the already bearish pressure on BTC, and will significantly boost the altcoins if we continue to drop and will open the door for an explosive altseason, although we do need to fall much lower in my opinion to get that super altcoin cycle. I talked about previously, in 2018 at the peak of altseason we saw a bitcoin dominance push all the way down to aprx 35%, i am looking for something similar here, obviously going to be a longer process but of course is doable. There is also the chance we see a further drop past 35% dominance due to the simple fact that crypto as a whole has grown tremendously and especially altcoins, theres a chance you were hearing about bitcoin in 2018 but majority of people had no idea about altcoins and even BTC for that matter, pair that along with the massive institutional adoption and exposure this could shape up to be an altseason like we have never seen before! Atleast im praying lol! Now lets take a peak at some indicators and we will start with the bollinger bands, we arepushing well below the midline which is now resistance and we are getting somewhat close to that bottom band, we have had a few wicks down pretty close to it and if we do manage to grab on it will likely ignite a bigger drop, taking out many resistances on the way down, if we do see this play out we can definitely expect altcoins to really take off, there is a chance that BTC will drag the market down initially but once we find some footing or settle thats when majority of altcoins will begin the takeoff! Now the RSI as i always talk about that midline is absolutely crucial, in this case we want to see a further push down below and for it to stay in the lower half, in turn we will be considered in a confirmed downtrend and could definitely be a prolonged one and of course this will be great for the altcoins! We do however have some support slightly below our current level and then a little bit further down, these levels are not very strong at all, we could see a bit of sideways movement along them but i doubt it will last for very long and they definitely will not hold up if we do catch a big slip on that bottom bollinger band! Lastly the Squeeze momentum indicator, in my last TA i went over the chance of us pushing past the midline and into the bear territory and we have done exactly that, we are on our second red bar and it is significantly bigger than our first one, this shows there is a clear rise in bearish momentum and this will likely play out to be a bigger bear squeeze. The black crosses indicate the squeeze portion of this cycle and the longer we stay in a bear squeeze the much more explosive the sqeeze release will be, and that is indicated by the black crosses turning white and you can refer back to the previous bull squeeze we just went through to see the explosive affects of the release portion of this indicator, overall for this indicator the main thing is that we keep seeing increasing red bars day after day putting lots of power in the bears hands and ultimately seeing a big drop in BTC dominance! Not financial advice just my opinion!!
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