After the bull market from late 2017, we've seen a significant uptake in Bitcoin Dominance, as most altcoins proved to be worthless.
This is demonstrated in the ascending channel
However, a few things to observe
- failed breakout from the overhead resistance line
- coincides with 200MA (in red)
- RSI turning down
- MACD crossover
- Stoch RSI visiting bearish range
Targets (2phases)
1 - Bitcoin Dominance reversal back to support line
2 - If this support line fails, likelihood for dominance to return to 50%
On a separate note, we have seen MANY altcoins introduced into the space.
If there is no additional capital injected into the space, it will likely be value transferred from BTC into Altcoins.
Also, most altcoins have seens 90-99% losses, and for some of these quality projects, the price may seem to juicy to be ignored.
It is HIGHLY UNLIKELY that we will witness the same kind of exuberance in the altcoin market as we did in 2017
This is demonstrated in the ascending channel
However, a few things to observe
- failed breakout from the overhead resistance line
- coincides with 200MA (in red)
- RSI turning down
- MACD crossover
- Stoch RSI visiting bearish range
Targets (2phases)
1 - Bitcoin Dominance reversal back to support line
2 - If this support line fails, likelihood for dominance to return to 50%
On a separate note, we have seen MANY altcoins introduced into the space.
If there is no additional capital injected into the space, it will likely be value transferred from BTC into Altcoins.
Also, most altcoins have seens 90-99% losses, and for some of these quality projects, the price may seem to juicy to be ignored.
It is HIGHLY UNLIKELY that we will witness the same kind of exuberance in the altcoin market as we did in 2017