BITCOIN - BTC Dominance at Resistance, Where from Here?

Looking at the daily dominance chart for BTC, you can see the resistance area we are currently hitting. There's a bearish cross on the MACD and you can see bearish divergence on the indicators. I think we may be seeing signs of reversal upon us. The alts have hit new all-time lows with little relief at all since Bitcoin began its bull run in April. And with the alt market as oversold as it is, I find it hard to believe that BTC holders are not interested in moving into some incredibly oversold alts. HOWEVER, I have yet to see signs of any relief from the alt market. And until I start seeing signs of relief from the alt market, I am not going to try to catch a falling knife and commit to the alt market as it could continue to sell off. Therefore, I would either remain in BTC or USD until we have confirmation of which direction we're headed. I'm biased to the downside for BTC so I am in USD. But when the alts start to reverse, I'll be quick to get in. I definitely don't want to miss that bull run!

Commentaire:

Possible channels to consider