In this chart, you can see the Bitcoin dominance from 2017 till now.
The depth of the altseason was 35.14% and for the bear market we went up, up to 73.02.
If we take a Fibonacci retrace level, we can see during 2021 altseason we were only retraced 0.893 or 89.3% what we lost during bear market.
It was something new and for the first time, Bitcoin Dominance didn't make the new all time low.
Following the same fact, I decided to find the possible levels for bitcoin dominance to top. we are getting closing the the 0.786, this level usually the last level that we could be bearish in any chart, however remember that last altseason we passed 0.786 but rejected at 0.893.
My opinion would be we are reaching to the top of Bitcoin dominance sooner than later, I can easily see Alts are reversing from bearish in short term and BTC Dominace Maxing in stoch RSI.
When you stay longer than usual in max excitation in stoch RSI you will be doing longer in opposite direction as well
https://www.tradingview.com/x/k0bAD7tJ/
Max BTC dominance can reach 66.2%
However, worse case scenario I am expecting at least BTC Dominace during altseason drop to 49.14% which is a historical support and also resistance during BTC season and Alt Season.
Ideally, we should go down up to 45.30% as it would be the 0.786 of the range from 39.9% to 66.2%
https://www.tradingview.com/x/UYdyy7hw/
However, if we are able to make a new All time low in BTC dominance first idea place to see rejection or reaction would be 32.38%
https://www.tradingview.com/x/lriJ0uT9/
The depth of the altseason was 35.14% and for the bear market we went up, up to 73.02.
If we take a Fibonacci retrace level, we can see during 2021 altseason we were only retraced 0.893 or 89.3% what we lost during bear market.
It was something new and for the first time, Bitcoin Dominance didn't make the new all time low.
Following the same fact, I decided to find the possible levels for bitcoin dominance to top. we are getting closing the the 0.786, this level usually the last level that we could be bearish in any chart, however remember that last altseason we passed 0.786 but rejected at 0.893.
My opinion would be we are reaching to the top of Bitcoin dominance sooner than later, I can easily see Alts are reversing from bearish in short term and BTC Dominace Maxing in stoch RSI.
When you stay longer than usual in max excitation in stoch RSI you will be doing longer in opposite direction as well
https://www.tradingview.com/x/k0bAD7tJ/
Max BTC dominance can reach 66.2%
However, worse case scenario I am expecting at least BTC Dominace during altseason drop to 49.14% which is a historical support and also resistance during BTC season and Alt Season.
Ideally, we should go down up to 45.30% as it would be the 0.786 of the range from 39.9% to 66.2%
https://www.tradingview.com/x/UYdyy7hw/
However, if we are able to make a new All time low in BTC dominance first idea place to see rejection or reaction would be 32.38%
https://www.tradingview.com/x/lriJ0uT9/
Mehran
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.
Mehran
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.