BTC.D will spike at next weekly open & fall - here's why
Diupdate
As we can see here on the monthly chart, btc dominance has taken a nasty beating this month, but currently looks to be recovering. This recovery has been doubly at the expense of alt coins since it has wrestled back its dominance mainly by falling and shaking everyone out of the more lucrative yet tenuous alt market.
In my previous btc.d idea I spoke of a cup and handle dominance spike which is still playing out nicely. There will however be limits to how far we go before a turnaround and here is why:
1) Fundamentals. The most important ethereum hard fork release is still roughly two months away. If you think ethereum (and thus, every coin in existence) won't pump again before eth goes proof of stake, I will take the other side of that bet in a heartbeat.
2) Technicals. Btc.d will soon approach strong monthly overhead resistance levels, which will either slow it down, stop it in its tracks and reverse course again to go further downstream.
3) More Technicals. We broke 40% on this last fall in dominance, but there is further to go. I believe we must at the very least test the monthly support level from the beginning of 2018 at 37.6%. Ultimately I foresee us testing new all-time lows on btc dominance before the ethereum hard fork release, which means by the end of this bull run year we may see a third, smaller alt run again and create an inverse head-and-shoulders to round out the end of the bull market before the smart money cashes out and most of what is left in this market is returned to btc. But I believe the largest drop in btc.d may be yet to come, and it may happen faster than anyone even anticipates.
3) Timing. Continued movement and a close to the upside at this point will result in an absolutely massive bullish hammer on the monthly btc.d chart. A signal this strong would demolish what is left of the alt market as everyone either clambers back into btc or jumps ship entirely, expecting an even greater fall yet than what is already occurring from btc. Since this scenario seems unlikely and extremely damaging to the long-term health of a global emerging market with lots at stake,
I must defer to the idea that we will soon see another, perhaps even larger alt coin rally.
Your likes and comments are appreciated. I will continue to provide service to this community as I work out what is next for the crypto market as a whole.
In my previous btc.d idea I spoke of a cup and handle dominance spike which is still playing out nicely. There will however be limits to how far we go before a turnaround and here is why:
1) Fundamentals. The most important ethereum hard fork release is still roughly two months away. If you think ethereum (and thus, every coin in existence) won't pump again before eth goes proof of stake, I will take the other side of that bet in a heartbeat.
2) Technicals. Btc.d will soon approach strong monthly overhead resistance levels, which will either slow it down, stop it in its tracks and reverse course again to go further downstream.
3) More Technicals. We broke 40% on this last fall in dominance, but there is further to go. I believe we must at the very least test the monthly support level from the beginning of 2018 at 37.6%. Ultimately I foresee us testing new all-time lows on btc dominance before the ethereum hard fork release, which means by the end of this bull run year we may see a third, smaller alt run again and create an inverse head-and-shoulders to round out the end of the bull market before the smart money cashes out and most of what is left in this market is returned to btc. But I believe the largest drop in btc.d may be yet to come, and it may happen faster than anyone even anticipates.
3) Timing. Continued movement and a close to the upside at this point will result in an absolutely massive bullish hammer on the monthly btc.d chart. A signal this strong would demolish what is left of the alt market as everyone either clambers back into btc or jumps ship entirely, expecting an even greater fall yet than what is already occurring from btc. Since this scenario seems unlikely and extremely damaging to the long-term health of a global emerging market with lots at stake,
I must defer to the idea that we will soon see another, perhaps even larger alt coin rally.
Your likes and comments are appreciated. I will continue to provide service to this community as I work out what is next for the crypto market as a whole.
Catatan
Couple of corrections:*"...slow it down, stop it in its tracks OR EVEN reverse course again..."
*'Timing' should be labeled as 4) and not 3)
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