$BTC : Dominance chart, why its useful?
The BTC.D Chart shows the total % of the Cryptocurrency market cap that BTC holds, why is this important?
When BTC Dominance rises, that means money is flooding out of altcoins and into bitcoin, usually in highly volatile times.
When BTC Dominance consolidates its a sign that money is moving is flowing between the altcoin and bitcoin markets and this is the best time for you to be trading altcoins.
Some things to note about the BTC Dominance now on the weekly:
-Strong uptrend (Parallel channel and painting flag structures)
-Possible elliot wave structure, we still have 1 wave left
-RSI Above 50, but turning down
-Still creating higher lows on the smaller and higher timeframe trends
-Flipped resistance right next to a golden fib
-Double bottom pattern
All these bullish signs are dangerous for alts, if it closes above 70 i would beware.
But on the positive sign:
-Many alts are positive lately, showing higher lowers and are very close to nice bounce areas like orderblocks/golden fibs
-We are consolidating with a slight downwards angle
-We just had a small pump and wicked down instantly off the OB/0.5 fib could be a earlier sign of rejection
-The pump was a breakout of the double bottom pattern but we are back under the neckline now, if we start to consolidate above it or bearish retest under it maybe alts can get some love
-Daily RSI is under 50
So pay attention and understand that if BTC moves up your alt trades will quickly go under, if it continues to dump off a bit and consolidate then alts can get some love!
Click onto my main profile for 4 current altcoin ideas:
RVN QNT XTZ ICX
When BTC Dominance rises, that means money is flooding out of altcoins and into bitcoin, usually in highly volatile times.
When BTC Dominance consolidates its a sign that money is moving is flowing between the altcoin and bitcoin markets and this is the best time for you to be trading altcoins.
Some things to note about the BTC Dominance now on the weekly:
-Strong uptrend (Parallel channel and painting flag structures)
-Possible elliot wave structure, we still have 1 wave left
-RSI Above 50, but turning down
-Still creating higher lows on the smaller and higher timeframe trends
-Flipped resistance right next to a golden fib
-Double bottom pattern
All these bullish signs are dangerous for alts, if it closes above 70 i would beware.
But on the positive sign:
-Many alts are positive lately, showing higher lowers and are very close to nice bounce areas like orderblocks/golden fibs
-We are consolidating with a slight downwards angle
-We just had a small pump and wicked down instantly off the OB/0.5 fib could be a earlier sign of rejection
-The pump was a breakout of the double bottom pattern but we are back under the neckline now, if we start to consolidate above it or bearish retest under it maybe alts can get some love
-Daily RSI is under 50
So pay attention and understand that if BTC moves up your alt trades will quickly go under, if it continues to dump off a bit and consolidate then alts can get some love!
Click onto my main profile for 4 current altcoin ideas:
RVN QNT XTZ ICX
Comment:
Daily RSI under 50
Comment:
Double bottom
