Bitcoin Dominance may see massive recovery soon
We never quite made it to the 1.5x target from our double top back in Jan 2021. That's not to say it's still possible we see it and even reach the 2X target making new ATLs.
However, I can see the possibility of a weaker low made near the top of the green support area, and that occurs and we turn back up from there, dominance may for a triple bottom (or an inverted head & shoulders).
Should that occur, we will never see a new ATL and instead a very fast and hard recovery of Bitcoin's market dominance.
This could mean two things:
1.) Bitcoin is about to destroy the altcoin market, and itself.
2.) Bitcoin is about to destroy the altcoin market and go on a tear.
If we break below the green support, then expect the opposite to occur:
1.) Bitcoin may continue to correct upwards slowly, and altcoins may go on a tear
2.) Or, some of the most promising altcoins start to take away from bitcoin's dominance, and we end up with a new type of market.
This particular idea is in support of the former, where bitcoin dominance goes up and fast, if dominance were actually a trade-able instrument, this would suggest "going long" after stopping somewhere near support (green box).
Alternative idea linked under related ideas below, supporting either movement in either direction.
Here's a zoomed out view of line chart, showing our Jan 2021 double-top, and our previous low (ATL), which is still lower than the 1.5X target for the double-top:
However, I can see the possibility of a weaker low made near the top of the green support area, and that occurs and we turn back up from there, dominance may for a triple bottom (or an inverted head & shoulders).
Should that occur, we will never see a new ATL and instead a very fast and hard recovery of Bitcoin's market dominance.
This could mean two things:
1.) Bitcoin is about to destroy the altcoin market, and itself.
2.) Bitcoin is about to destroy the altcoin market and go on a tear.
If we break below the green support, then expect the opposite to occur:
1.) Bitcoin may continue to correct upwards slowly, and altcoins may go on a tear
2.) Or, some of the most promising altcoins start to take away from bitcoin's dominance, and we end up with a new type of market.
This particular idea is in support of the former, where bitcoin dominance goes up and fast, if dominance were actually a trade-able instrument, this would suggest "going long" after stopping somewhere near support (green box).
Alternative idea linked under related ideas below, supporting either movement in either direction.
Here's a zoomed out view of line chart, showing our Jan 2021 double-top, and our previous low (ATL), which is still lower than the 1.5X target for the double-top:
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