BTC.D Daily Chart Analysis
3:00PM EST
Bitcoin has been on a tear in recent months with shorts being squeezed out of the market and new money flowing in. While Bitcoin could remain bullish temporarily, what is certain is that other crypto assets have been neglected. Some holding other crypto assets may have converted their assets into BTC which led to further BTC gains, however, the momentum of bitcoin dominance is waning as depicted on this chart. There is a majorly bearish rising wedge forming, divergence on the RSI with dominance increasing with RSI decreasing, and there has been MAJOR hype in the Bitcoin space about the BAKKT futures market - which long term traders will tell you "Buy the News and Sell the Event." In other words, BAKKT is already likely baked in to the Bitcoin price.
It seems that while nobody has a crystal ball, the over-hyped Bitcoin will eventually diminish in popularity as smart money moves to assets that have larger potential for gains while the hype wears off of their current play. By contrast, while Bitcoin is up over 300 percent since December, their are other assets that have a foothold in the commercial markets that can be considered undervalued at this point. Institutions and traders alike will see these opportunities and play them - all while hyping their current play in order to get out and find liquidity. While there are no clear indicators that this has yet began, we at MarketMotives speculate that this will be the next big play. A #flippening 2.0, if you will. The technicals are starting to show signs of exhaustion for the crypto market leader - only time will tell if the alts will rise again as they're afforded the credit they deserve. But one thing is certain, not all crypto assets will receive the same attention they did last alt season. Only those that have a strong foothold with real use cases and those that have a strong community will rise again from the shadows. At least that is what we believe to be true - what do you think?
DISCLAIMER
This Content is for entertainment purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Posts constitutes a solicitation, recommendation, endorsement, or offer by MarketMotives or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
All Content on this post is speculation, opinion, and entertainment in nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Market Motives is not a fiduciary by virtue of any person’s use of or access to this Post or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on this Post before making any decisions based on such information or other Content. In exchange for using the Post, you agree not to hold MarketMotives, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through this Post.
3:00PM EST
Bitcoin has been on a tear in recent months with shorts being squeezed out of the market and new money flowing in. While Bitcoin could remain bullish temporarily, what is certain is that other crypto assets have been neglected. Some holding other crypto assets may have converted their assets into BTC which led to further BTC gains, however, the momentum of bitcoin dominance is waning as depicted on this chart. There is a majorly bearish rising wedge forming, divergence on the RSI with dominance increasing with RSI decreasing, and there has been MAJOR hype in the Bitcoin space about the BAKKT futures market - which long term traders will tell you "Buy the News and Sell the Event." In other words, BAKKT is already likely baked in to the Bitcoin price.
It seems that while nobody has a crystal ball, the over-hyped Bitcoin will eventually diminish in popularity as smart money moves to assets that have larger potential for gains while the hype wears off of their current play. By contrast, while Bitcoin is up over 300 percent since December, their are other assets that have a foothold in the commercial markets that can be considered undervalued at this point. Institutions and traders alike will see these opportunities and play them - all while hyping their current play in order to get out and find liquidity. While there are no clear indicators that this has yet began, we at MarketMotives speculate that this will be the next big play. A #flippening 2.0, if you will. The technicals are starting to show signs of exhaustion for the crypto market leader - only time will tell if the alts will rise again as they're afforded the credit they deserve. But one thing is certain, not all crypto assets will receive the same attention they did last alt season. Only those that have a strong foothold with real use cases and those that have a strong community will rise again from the shadows. At least that is what we believe to be true - what do you think?
DISCLAIMER
This Content is for entertainment purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Posts constitutes a solicitation, recommendation, endorsement, or offer by MarketMotives or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
All Content on this post is speculation, opinion, and entertainment in nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Market Motives is not a fiduciary by virtue of any person’s use of or access to this Post or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on this Post before making any decisions based on such information or other Content. In exchange for using the Post, you agree not to hold MarketMotives, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through this Post.