Altcoins' last bull rally before a tumble?In this graph we have the dominance of altcoins disregarding stable coins.
The calculation is done as follows:
TOTAL = Crypto Total Market Cap
TOTAL2 = Crypto Total Market Cap excludes BTC
USDT = Market Cap of stable coin USDT
USDC = Market Cap of stable coin USDC
DAI = Market Cap of stable coin DAI
So:
Altcoins Dominance % = (CRYPTOCAP:TOTAL2-CRYPTOCAP:USDT-CRYPTOCAP:USDC-CRYPTOCAP:DAI)/CRYPTOCAP:TOTAL*100
Looking at the chart the index is in a bearish channel.
It will apparently test the top of the channel at wave 4 resistance.
If this channel breaks, we will have an extremely bullish scenario, surpassing all expectations, due to the horrible macro scenario.
Otherwise the downtrend continues, heading towards the end of wave 5.
Altcoinsdominance
Bitcoin Dominance (Potential Altcoin Season?)💎Technical Analysis Summary💎
Bitcoin Dominance
-We can see the BTC Dominance level is respecting the EMA19
-The Dominance level 45 is previously supported now acting as resistance
-This consolidation below support is potentially a bearish pattern
-If the last support at level 43.50 breaks and closed lower
-The bear flag pattern will be confirmed
-I'll be expecting another run for the altcoins space
-The month of September would be interesting
-The next potential support level is somewhere 42-41
-Be ready and when the oppurtunity presents itself
-Make sure you have a trading plan to trigger the buy button
-Good luck and stay safe everyone!
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Total2 heading over 460B Allseason, is just around the corner! Bitcoin has made a parabolic run the past weeks, will this be the time to see money coming into altcoins? Well just simple indicators, see #ETH has already started, this will drive the market higher, #DOGE this coins always defines big moves are about to take place. #DigiByte this Giant is about to go parabolic - tick tock tick tock