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100-BTC.d choppy Alts season might endPretty hard to put your finger on dominance, But I am assuming that the rising wedge will break down. This will end the random pumping of some alts for a while. If the wedge breaks up then Alts will continue to pump, but some of them have 2xed or 3xed and are pretty over extended so hard for me to see a continued pump. I imagine a strong dump from BTC will bring a harder dump of Alts. BTC pumping is also hard for me to imagine, but possible. I think prices are stagnating because the stock market is closed for holidays. BTC never gets a holiday.
CRYPTOCAP:BTC.DShort
by nagihatoum
6
100-BTC.d Alts bleeding might not stop100-BTC.d represents Alts dominance, and if 28.9% key level is broke, alts dominance will fall dramatically, hopefully only to 20% but can reach 10%. The majority of BTC pairs have fallen while BTC has risen. This implies that capital is being taken out of Alts and pumped into BTC. Some alts have faired very well vs. USD, like ETH, Theta, dot and unusually LTC. XRP did very good at first but as everybody knows all gains were erased. XRP dramatic fall might contribute to the fall in Alts, especially LTC which is considered a legacy like XRP. The market is in bull mode, but even in bull markets there are pullbacks. And I speculate based on some parameters like gold and the dollar that the crypto market as a whole will have a pull back with capital taken out of ALTs faster than BTC. Another scenario for ALTS dominance falling is that capital will be pumped into BTC faster than ALTs maybe because of retail buying BTC with their stimulus check and institutions fomoing in. The conclusion is that Alts season is not here yet and besides a handful of Alts, Alts are not worth investing in at the moment.
CRYPTOCAP:BTC.DShort
by nagihatoum
13
BTC.d broke up from longterm decending widening wedgeWhich of course is bad news for Alts. And the monthly MACd will cross up if BTC.d will continue up. Previously I believed that the wedge resistance will reject BTC.d but obviously this didn't happen but Alts did not suffer. At the moment the Alts look fine because they strangely have become positively correlated to BTC.d and are going up with it. This happens from time to time historically but it is a bearish reversal sign for Alts. The measured move of the breakout is 75% and there is a gap remaining from the 2017 decent at 74%. BTC.d at these levels can result in the termination of many coins. Unless this rise in dominance of BTC is due to more money being pumped into BTC than Alts and not BTC bleeding Alts.
CRYPTOCAP:BTC.DLong
by nagihatoum
4
BTC.d Breaking into key levelRejection at this level will spell relief for Alts otherwise the next resistance is that of the falling wedge and Alts will bleed further. It is expected that BTC.d will respect the wedge and reverse course. But nothing is for certain. There are gaps in the index and if gaps play out in the index then BTC.d must rise to 74% to fill the gap. However these gaps can be artifacts from change in method of calculating the index or missing data.
CRYPTOCAP:BTC.DLong
by nagihatoum
5