Soon pump season altcoins? Head and shoulders. Inverted Dragon.
At the moment, we see that the dominance of bitcoin over other assets is still in an uptrend. % BTC dominance came very close to the uptrend line.
At the top of the uptrend, the "Head and Shoulders" figure has formed. Breaking the Neck line will mean a 9.3% decrease in dominance. And this is already below the line of the upward trend of BTC dominance. Perhaps we will see a change in the trend of bitcoin dominance in the market.
Breaking the uptrend line will mean that we will confirm the final formation of such a complex, long-forming and rare formation on the market as the “Inverted Dragon”. Which in turn can consist of many small figures.
Confirmation of this figur provides an understanding of the direction of the trend in price movement in the long term. At the moment, we already see all the components of this formation formed: the head of a dragon, the first paw of a dragon, the hump of a dragon, the second paw of a dragon. Everything is there, except for the “Dragon Tail”, which in turn is the target the figure.
But you need to remember that only a breakthrough of the uptrend line (Dragon Range) gives confirmation of the figure.
This will mark the beginning of a full-fledged pump season of long-suffering altcoins. Consequently, a new hype, the arrival of new people and new "stupid money" to the market.
If we break the uptrend line and the percentage of Bitcoin dominance is fixed under it, this will mean the opening of a full pump of the altcoin season!
But we must not forget that if the uptrend is not breaking through and the dominance of bitcoin will increase, this will mean the death of most altcoins, except TOP.
But I am more inclined to believe that the uptrend line will break and the long-awaited season of pumping altcoins will begin.
You can read about the Inverted Dragon formation in this educational trading idea:
It must be remembered that domination is close to the uptrend line, and therefore at any moment there may be a breakthrough. And the higher the domination, the deeper the correction will be, and consequently the altos will grow.