Altcoin NO MOVEMENT - BITCOIN DOMINANCE STRIKES UPWARD
Recently you may have noticed while BTC price is surging, but altcoins have remained stagnant. The reason behind this can be found by looking at the Bitcoin dominance chart.
The simple theory is Bitcoin dominance down altcoin go up
Bitcoin dominance up altcoins go down
I treat this chart like every other, as it always indicates when an altcoin season is more likely to happen.
When looking at this chart, I keep it simple by focusing on Support and resistance as I have found these levels get respected.
Currently, we can see dominance hit previous resistance and is now beginning to retrace.
Expecting to see a retracment back down to 43%, and from there, I will monitor how dominance reacts at this level.
LIKE OUT IDEA FOLLOW AND COMMENT.
Short term, we could see some altcoin relief; however, if dominance breaks 45%, then we could look to reduce some altcoin exposure
The simple theory is Bitcoin dominance down altcoin go up
Bitcoin dominance up altcoins go down
I treat this chart like every other, as it always indicates when an altcoin season is more likely to happen.
When looking at this chart, I keep it simple by focusing on Support and resistance as I have found these levels get respected.
Currently, we can see dominance hit previous resistance and is now beginning to retrace.
Expecting to see a retracment back down to 43%, and from there, I will monitor how dominance reacts at this level.
LIKE OUT IDEA FOLLOW AND COMMENT.
Short term, we could see some altcoin relief; however, if dominance breaks 45%, then we could look to reduce some altcoin exposure