BTC Dominance breaking to the downside? Alt Season confirmed?
If you like my ideas and the work I do, please check out the links in the signature and give me a like ;).
As I said in my previous linked analysis of BTC Dominance it was trading at the bottom of the channel for an extended period and could go either way, but now it broke through the bottom of the channel and retested it as resistance once. If it can't break through again and retest the bottom as support. It should continue down and most ALTS will pump in comparison to BTC. So this could mean we have an ALT Season on the horizon.
Summary: It's under the Bottom trendline of the channel, retested the bottom as resistance, under the Pivot, under the Kumo Cloud and the Tenkan ( Yellow Line ) dipped under the Kijun ( Dark Blue line ) which are all bearish signs.
As I said in my previous linked analysis of BTC Dominance it was trading at the bottom of the channel for an extended period and could go either way, but now it broke through the bottom of the channel and retested it as resistance once. If it can't break through again and retest the bottom as support. It should continue down and most ALTS will pump in comparison to BTC. So this could mean we have an ALT Season on the horizon.
Summary: It's under the Bottom trendline of the channel, retested the bottom as resistance, under the Pivot, under the Kumo Cloud and the Tenkan ( Yellow Line ) dipped under the Kijun ( Dark Blue line ) which are all bearish signs.
