Bitcoin dominance & ALTSEASON
I like it all the more that, despite the impulse movements of BTC, shitcoins do not experience such extreme drops, so it can be said that they are strong and relatively stable. I've always kept from thinking about ALTSEASON until after the breakdown of the primary support trend. Until yesterday, I was waiting for a more prominent daily candle, which will confirm the breakdown, and that's how it happened.
Looking at today's daily candle and yesterday's close, we can say that it really didn't hold the trend and the dominance should start its journey DOWN. 4H-12H MACD + Histogram bearish, Daily turns towards bearish cross. 3D and even Weekly indicate a potential bearish cross, which, if this week closes, confirms the idea of a medium-term shift of focus away from BTC. The RSI is in the neutral zone on all High TFs, so it has plenty of room to drop.
1D chart:
Looking at today's daily candle and yesterday's close, we can say that it really didn't hold the trend and the dominance should start its journey DOWN. 4H-12H MACD + Histogram bearish, Daily turns towards bearish cross. 3D and even Weekly indicate a potential bearish cross, which, if this week closes, confirms the idea of a medium-term shift of focus away from BTC. The RSI is in the neutral zone on all High TFs, so it has plenty of room to drop.
1D chart:
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.