Dominance just about to fall - long on altcoins dips!
Hello there, this is our view on btc.d, enjoy!
BTC ran towards the halving, which last time leaded to the altseason, so let's check what's bearish about Bitcoin dominance chart!
Value has recently triggered our bearish alarm, so now I'm turning it off with a technical analysis about it while we're getting closer and closer to the halving. "Halving" is the main reason that had most of alts at their historical bottom: based on this aspect every altcoin chart looks the same as one another and might have dipped out. This fact is the one which I believe is most influencing mostly holders (also traders, but a little less...) because Bitcoin could no longer be decentralized based on owners: exchanges could eventually have more btc than miners and this is why holders, those who religiously believe in projects and cryptocurrencies firstly aim on decentralization, won't hold lots of btcs anymore (yeah, I know that some people still hold xrp, which is the opposite of a decentralized protocol, but that's it).
So, to summarize, people fomoed in btc because of halving and now are fomoing in alts because of the "altseason". Now let's see the technical part, which is a little more my business.
Value tried its best to regain back what lost in January, but couldn't find its way above fibo 0.786, which rejected the price forming a dark cloud cover on previous candle. Then once upon a time I heard someone saying "the perfect pattern doesn't exist" and he was totally wrong: the perfect W bearish Gartley pattern (0.618-0.618-1.441-0.786) formed and has just triggered the safe entry at fibo 0.618, targeting at least fibo 0.382 (65.43). Then price just tested the upper trendline (which is the handle of a bigger pattern, visible on weekly chart). Momentum is definitely declining. There are some interesting moving averages lengths other than death crosses (higher) and golden crosses (lower) pending, particularly moving averages 25-50, which could form a golden cross in a couple of days and which can support the price once formed at 66.08. Today's candle is still trading above weighted moving average 10, now a minor support. Ichimoku looks slightly bearish on weekly, nothing on daily. Money flow and stochastic formed bearish divergence with price on recent peaks; other oscillators are only testing lower trendline, coming down from overbought zones (and rising volumes, another bearish fact).
After all I'm not suggesting you should invest against the trend, which is still bullish both on awesome and on moving average convergence/divergence: I'm saying that I would never short on alts now because they have lot of room to grow (and yet to fall, given that btc could megadump one more time). A long on alts is possible once it has failed a test back to upper trendline, safe targets are 66.08 - 65.43 - 64.52; if closed below it would go down to the death, if above fibo 0.786 then short on alts (other support and resistance levels if you zoomed out).
Trade safe and be cautious with illnesses. Anlvis
BTC ran towards the halving, which last time leaded to the altseason, so let's check what's bearish about Bitcoin dominance chart!
Value has recently triggered our bearish alarm, so now I'm turning it off with a technical analysis about it while we're getting closer and closer to the halving. "Halving" is the main reason that had most of alts at their historical bottom: based on this aspect every altcoin chart looks the same as one another and might have dipped out. This fact is the one which I believe is most influencing mostly holders (also traders, but a little less...) because Bitcoin could no longer be decentralized based on owners: exchanges could eventually have more btc than miners and this is why holders, those who religiously believe in projects and cryptocurrencies firstly aim on decentralization, won't hold lots of btcs anymore (yeah, I know that some people still hold xrp, which is the opposite of a decentralized protocol, but that's it).
So, to summarize, people fomoed in btc because of halving and now are fomoing in alts because of the "altseason". Now let's see the technical part, which is a little more my business.
Value tried its best to regain back what lost in January, but couldn't find its way above fibo 0.786, which rejected the price forming a dark cloud cover on previous candle. Then once upon a time I heard someone saying "the perfect pattern doesn't exist" and he was totally wrong: the perfect W bearish Gartley pattern (0.618-0.618-1.441-0.786) formed and has just triggered the safe entry at fibo 0.618, targeting at least fibo 0.382 (65.43). Then price just tested the upper trendline (which is the handle of a bigger pattern, visible on weekly chart). Momentum is definitely declining. There are some interesting moving averages lengths other than death crosses (higher) and golden crosses (lower) pending, particularly moving averages 25-50, which could form a golden cross in a couple of days and which can support the price once formed at 66.08. Today's candle is still trading above weighted moving average 10, now a minor support. Ichimoku looks slightly bearish on weekly, nothing on daily. Money flow and stochastic formed bearish divergence with price on recent peaks; other oscillators are only testing lower trendline, coming down from overbought zones (and rising volumes, another bearish fact).
After all I'm not suggesting you should invest against the trend, which is still bullish both on awesome and on moving average convergence/divergence: I'm saying that I would never short on alts now because they have lot of room to grow (and yet to fall, given that btc could megadump one more time). A long on alts is possible once it has failed a test back to upper trendline, safe targets are 66.08 - 65.43 - 64.52; if closed below it would go down to the death, if above fibo 0.786 then short on alts (other support and resistance levels if you zoomed out).
Trade safe and be cautious with illnesses. Anlvis