BTC.D showing why it's important ⏳⏳
Greetings,
Bitcoin Dominance is a crucial chart to consider when trading cryptocurrency. BTC.D can help you determine if trading altcoins is a stronger trend than trading Bitcoin. The chart above shows that BTC.D is currently on the rise heading towards 48.75%, the bottom area i've drawn with in the chart shows 39.70% as the lowest point of BTC.D. These lines drawn in I made years ago in the previous bull cycle.
Simple terms - as BTC.D rises, money goes out of alt coins and into Bitcoin. We also use USDT.D when doing analysis
BTC.D - 1 WEEK CHART
We can see on the 1W chart above that we've been in this position before - which put us into a 2 yr bear market. Because BTC.D has risen so rapidly in the last few weeks, I can see if having a cooling off period over the next month, which will mean funds will move into alt coins, which is an opportunity. However only a short term opportunity. I believe we're looking in the eyes of a bear market which could be a long winter ahead, there are many world events within financial markets and political events that will effect this and have been for the past few months.
Remember nothing is guaranteed, control the controllables.
Mogues
Bitcoin Dominance is a crucial chart to consider when trading cryptocurrency. BTC.D can help you determine if trading altcoins is a stronger trend than trading Bitcoin. The chart above shows that BTC.D is currently on the rise heading towards 48.75%, the bottom area i've drawn with in the chart shows 39.70% as the lowest point of BTC.D. These lines drawn in I made years ago in the previous bull cycle.
Simple terms - as BTC.D rises, money goes out of alt coins and into Bitcoin. We also use USDT.D when doing analysis
BTC.D - 1 WEEK CHART
We can see on the 1W chart above that we've been in this position before - which put us into a 2 yr bear market. Because BTC.D has risen so rapidly in the last few weeks, I can see if having a cooling off period over the next month, which will mean funds will move into alt coins, which is an opportunity. However only a short term opportunity. I believe we're looking in the eyes of a bear market which could be a long winter ahead, there are many world events within financial markets and political events that will effect this and have been for the past few months.
Remember nothing is guaranteed, control the controllables.
Mogues
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