Interesting to see the relationship between
XRPBTC
playing out similar to the pre 2017 crazy blow off top.
We can see that prior to the 2017 insane blow off top we saw near euphoric price action in bitcoin, as we ware seeing now.
This results in increased dominance we can see tracked in the orange, when the alts started to rally we saw dominance break first, money started to flow from
BTCUSD
to the Alts.
During the euphoric bitcoin run we just saw the entire Alts market bleeding to new lows, just slowly getting ground down - Alts are boring and BTC is making everyone a fortune, so the public sells into BTC.
There comes a point where the price of
BTCUSD
stalls out, it just can't go any higher.
When it starts to cool and puts in bearish structure the writing is kind of on the wall and all that money that just got made needs somewhere to flow, and the Alts is where it goes.
XRPBTC
I think is a good representation of a popular coin in the Alt market.
When Bitcoin started topping the Alt market took off quickly and violently, it put in a little bullish structure and then took off and never looked back.
I'm not saying that the same thing is guaranteed or even super likely to happen, but the charts do look similar.
We can see that Bitcoin Dominance is breaking to new highs, the alts (especially
XRPBTC
) are bleeding hard, making lower lows.
The price of
BTCUSD
is currently entering a PRZ at 61.8% of its old highs, it would make sense for price to reverse or slow here, and when that happens we should closely watch
coins likes XRP and the wider alt market.
XRPBTC
playing out similar to the pre 2017 crazy blow off top. We can see that prior to the 2017 insane blow off top we saw near euphoric price action in bitcoin, as we ware seeing now.
This results in increased dominance we can see tracked in the orange, when the alts started to rally we saw dominance break first, money started to flow from
BTCUSD
to the Alts. During the euphoric bitcoin run we just saw the entire Alts market bleeding to new lows, just slowly getting ground down - Alts are boring and BTC is making everyone a fortune, so the public sells into BTC.
There comes a point where the price of
BTCUSD
stalls out, it just can't go any higher. When it starts to cool and puts in bearish structure the writing is kind of on the wall and all that money that just got made needs somewhere to flow, and the Alts is where it goes.
XRPBTC
I think is a good representation of a popular coin in the Alt market. When Bitcoin started topping the Alt market took off quickly and violently, it put in a little bullish structure and then took off and never looked back.
I'm not saying that the same thing is guaranteed or even super likely to happen, but the charts do look similar.
We can see that Bitcoin Dominance is breaking to new highs, the alts (especially
XRPBTC
) are bleeding hard, making lower lows. The price of
BTCUSD
is currently entering a PRZ at 61.8% of its old highs, it would make sense for price to reverse or slow here, and when that happens we should closely watch coins likes XRP and the wider alt market.