Outlook on BTC and altcoins through Q2
So I'm actually bearish on all alts for the next few weeks/months and heres why. Bitcoin dominance(listed left) and alts (Ethereum (right) used for this case study) there's a clear trend when dominance is on an upswing it can be mirrored with consolidation / or lack of bullish price action on alts. and conversely when dominance is trending down it can be seen with increased movement on the upside on alts. So recently bitcoin has taken liquidity in the form of sell stops from 2020 November low and has consolidated. I'm going to go ahead and anticipate dominance to swing to the upside when this consolidation breaks ultimately bleeding alts and giving bitcoin room to run (which also aligns with the narrative we're all currently seeing with 'institutions and companies purchasing large quantities'
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.