Long
BTS/BTC - Reversal?
For the past 1-2 days, the altcoin market was under heavy correction. BTS was no exception, and we dropped back from 170 sats to 135 sats.
For a brief moment the BTS price even hit 106 sats, which is extremely low compared to the past days.
A possible explaination for this market correction has to do with BTC dominance. If BTC has more dominance on the market, less money goes into altcoins.
For a proper altcoin season, we need a lower BTC dominance. Yesterday, the BTC dominance tried to reverse and become bullish again. It doesn't seem like this succeeded, and many think the
bearish trend on BTC dominance will continue. This would be the ideal situation for altcoins, as it would mean altcoin season will continue and probably become way better than we've seen just yet.
I agree as I think BTC dominance will continue to fall. I expect we will soon see a reversal into a bearish BTC trend, untill it settles a round 41-43k USD.
Then, as it stabilizes, money will flow into altcoins and this will cause the BTC dominance to decrease. Altcoins will rocket.
I saw this published today and I think it seems like a very possible scenario. It would mean we will see more bullish movement for altcoins for 2.5 months, then bearish, and after some more months an explosion of altcoins again.
Ofcourse this is just an idea as I am no professional analyst or trader.
Now, on the current situation of BTS:
1. The MACD indicates that we will now see some upward movement. It doesn't look very strong at the moment and we might need some days for everything to cool down and to gain momentum.
However, the price is low and if altcoin correction sees another wave, I'll buy more altcoins on the bottom of the correction.Make
2. The volume has decreased but it is still decent, considering we also have another 20+ million USD in the futures market.
If altcoin correction is over, we are likely to rocket up. At the very least, we will hit the 170 sats again, but I expect we will go far beyond that may the altcoin market turn proper bullish again.
Make sure to leave a comment and tell me what you think :-)
For a brief moment the BTS price even hit 106 sats, which is extremely low compared to the past days.
A possible explaination for this market correction has to do with BTC dominance. If BTC has more dominance on the market, less money goes into altcoins.
For a proper altcoin season, we need a lower BTC dominance. Yesterday, the BTC dominance tried to reverse and become bullish again. It doesn't seem like this succeeded, and many think the
bearish trend on BTC dominance will continue. This would be the ideal situation for altcoins, as it would mean altcoin season will continue and probably become way better than we've seen just yet.
I agree as I think BTC dominance will continue to fall. I expect we will soon see a reversal into a bearish BTC trend, untill it settles a round 41-43k USD.
Then, as it stabilizes, money will flow into altcoins and this will cause the BTC dominance to decrease. Altcoins will rocket.
I saw this published today and I think it seems like a very possible scenario. It would mean we will see more bullish movement for altcoins for 2.5 months, then bearish, and after some more months an explosion of altcoins again.
Ofcourse this is just an idea as I am no professional analyst or trader.
Now, on the current situation of BTS:
1. The MACD indicates that we will now see some upward movement. It doesn't look very strong at the moment and we might need some days for everything to cool down and to gain momentum.
However, the price is low and if altcoin correction sees another wave, I'll buy more altcoins on the bottom of the correction.Make
2. The volume has decreased but it is still decent, considering we also have another 20+ million USD in the futures market.
If altcoin correction is over, we are likely to rocket up. At the very least, we will hit the 170 sats again, but I expect we will go far beyond that may the altcoin market turn proper bullish again.
Make sure to leave a comment and tell me what you think :-)
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.
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.