Bitcoin Dominance in for a Crash!!?
Bitcoins dominance has been pretty stubborn holding this support level at 45.74% but i think in the coming days we are going to see a decent sized drop in BTC dominance, we have wicked below this support level and are slowly coming down trying to push through it, lower dominance will be key for altcoins to really start exploding, same thing for BTC, we saw low dominance levels a couple months ago and we were seeing nice pumps in PA. What i noticed that could be very important is that todays candle/wick has touched down on the bottom band of the BB's, if we can see this continue we will likely be in for a big slip to the downside, now at first this could pullback the market a little bit but afterwards Altcoins especially will begin to rally, If we do see a drop in dominance it will be key to have that midline on the bollinger bands which right now acts as resistance below the support we are stuck on right now, this gives us a second layer of resistance so pumps back above this support are more unlikely. Im hoping if we do take a ride down the bollinger bands it gives us enough power to push through the next support level at 44.6%. The MACD is looking very positive for this prediction, we are a long way away from a bullish cross especially with our MA's seeing bigger separation, the Blue MA is pointing down pretty heavy leaving the orange behind and we are seeing bigger bear momentum on the histogram. Now the WaveTrend also lines up with this prediction we are almost pointing straight down and we are now passing through the mid section where it was the most likely spot for a reversal, we are likely about to see another bearish wave on the histogram here it looks like it is already starting with no sign of slowing down, ALT Season may not be too far away! Not financial advice just my opinion!
Related publications
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.