BTC HALVING MODE UPDATE - A LOOK TO BTC DOMINANCE - ROAD TO 50K
Hello everyone.
Today's view is obtained by reversing usual apprach of looking at the price and only then search for confirmation in other indicators as the dominance. Since it seems the sentiment is confused by the current btc price behaviour, le's reverse engineering the reasoning.
Dominance is decreasing since March 2019, got rejeceted many by the upward dynamic resistance, and is currently within a descending triangle, with the Halving in sight. I expect that, after a physiological rest, triangle will be broken and dominance will het to the 54-57% area where it stayed a lot in the past year. What does this mean? We all know that dominance diminuishes only and ONLY when a bull market begins and is in place and increases when everything turns red. Dominance analysis confirms my previous idea (BTC to 50k). Many are obsessed with volumes. I rarely experience the start of a bull market by witnessing high volumes honestly.
This, considering that btc is exatcly within the fibonacci retracement level after the beautiful run from 6,500 usd to 10,400 usd, adds fuel to the theory that bulls are just taking a rest, some of them sold to lock in a nice profit. It is now time for a new jump.
Human mind is easily tricked by the very last movement and tends to forget the big picture or what happened before.Wipe out the noise and look at the big picture!
Today's view is obtained by reversing usual apprach of looking at the price and only then search for confirmation in other indicators as the dominance. Since it seems the sentiment is confused by the current btc price behaviour, le's reverse engineering the reasoning.
Dominance is decreasing since March 2019, got rejeceted many by the upward dynamic resistance, and is currently within a descending triangle, with the Halving in sight. I expect that, after a physiological rest, triangle will be broken and dominance will het to the 54-57% area where it stayed a lot in the past year. What does this mean? We all know that dominance diminuishes only and ONLY when a bull market begins and is in place and increases when everything turns red. Dominance analysis confirms my previous idea (BTC to 50k). Many are obsessed with volumes. I rarely experience the start of a bull market by witnessing high volumes honestly.
This, considering that btc is exatcly within the fibonacci retracement level after the beautiful run from 6,500 usd to 10,400 usd, adds fuel to the theory that bulls are just taking a rest, some of them sold to lock in a nice profit. It is now time for a new jump.
Human mind is easily tricked by the very last movement and tends to forget the big picture or what happened before.Wipe out the noise and look at the big picture!
Order cancelled:
The covid19 abrupt burst ruined all plans. BTC went down a lot and alts followed. At this point, Altcoins lost so much that I think they will not be particularly shaken by another "possible" BTC leg down Who had to sell already sold. Dominance could stay almost staitonary even if btc goes down then, it is not a great indicator in this particular moment.
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