Bitcoin, Dominance and New Altcoin Season
Updated
Hello, everyone!
First of all I want to fix one mistake from the previous Bitcoin analysis. The Global Elliott Wave 3 is going to end much higher and it is definitely break the ATH. But the incoming correction is going to be according to Wave 2 of the Elliott Waves lower order.
I think that current Wave 1 is not going to break ATH or may be squeeze it up. I anticipate the small correction before the ATH breaking. The Wave 1 is going to end soon because of bearish divergence with the Awesome Oscillator. The deepest target zone for wave 2 is approximately $54000 and I suppose that the end of Wave 2 can be the new Altseason start.
It also corresponds to Bitcoin Dominance chart (see below). I think it repeats the 2017 cycle. We will see a correction of dominance to 48-51% and then a decrease to 30%. May be the Bitcoin season will last much more, because it needs a fuel to grow to $90.000, but this would be nice point for altcoins buying, because I believe they will not drop much lower in the next few month.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
First of all I want to fix one mistake from the previous Bitcoin analysis. The Global Elliott Wave 3 is going to end much higher and it is definitely break the ATH. But the incoming correction is going to be according to Wave 2 of the Elliott Waves lower order.
I think that current Wave 1 is not going to break ATH or may be squeeze it up. I anticipate the small correction before the ATH breaking. The Wave 1 is going to end soon because of bearish divergence with the Awesome Oscillator. The deepest target zone for wave 2 is approximately $54000 and I suppose that the end of Wave 2 can be the new Altseason start.
It also corresponds to Bitcoin Dominance chart (see below). I think it repeats the 2017 cycle. We will see a correction of dominance to 48-51% and then a decrease to 30%. May be the Bitcoin season will last much more, because it needs a fuel to grow to $90.000, but this would be nice point for altcoins buying, because I believe they will not drop much lower in the next few month.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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