Bitcoin Dominance Ready to Drop!!?
Once again we are discussing the very important BTC dominance, the reason of why this is being brought up over and over by myself is due to the fact that this is the best indication of where the market is headed and most importantly where the altcoins are headed. If we continue to see drops in Bitcoin dominance each drop is going to significantly boost the altcoins, keep in mind that Bitcoin is likely to drop if we see a spike down in dominance in turn bringing the alts down with it, but heres the catch.. initially the alts will bleed along with BTC but once we see a settle and catch support for BTC the altcoins will be primed to breakout and rally to the upside. we have broken through the 42.62% support level and we will need to hold under here for our daily close and we are coming up on our next support at 42.36%, a decent support level with some strength, but what im seeing right now could be pose a big threat to this support level which is exactly what we want, and that is, the bollinger bands. As you guys probably know by now grabbing onto the bottom band can trigger an explosive move to the downside. Our current price levels are resting right on that bottom band and as we head into our daily close this could be huge for altcoins, a close ontop of this bottom band opens up the door for continued red candles that will likely push down in a vertical manner in turn shredding through most support levels we are currently facing. The RSI has been rejected off of longer term downtrend resistance, we are now heading for the further downside and the very bottom zone, this resistance level poses a threat to the RSI as it is very strong and could definitely give the RSI a lot of problems when we try and break it at a later point. Overall this is very good aswell though and the main thing is that we are continuing to cruise around in the bottom half of the zone underneath the midline, being under the midline puts us in a confirmed downtrend scenario that could go on for quite some time, and downtrend in BTC.D equals explosive moves for the alts. Now the MACD, i have it zoomed in pretty far so we can get an accurate read but we just recently had a bearish cross which is a good sign and we are seeing day after day increased red bars on the histogram giving momentum to the bears, our MA's are looking good off the bat we are seeing good separation and we want to continue to see this play out as itll get harder and harder to get a bullish cross. Not financial advice just my opinion!
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