ALT Dominance (Prj.Y19.P02).Further Downtrend
ALTs often lose more ground in a down trend than BTC and in this case we see a downward channel.
Observations:
> It has hit a resistance, upper part of the channel and key resistance line
> It past a critical point (0.786 fib retracement), indicating BEARISH'ness
Thoughts:
Expect a slower decent while we have this BTC consolidation at the 7K to 8K range.
Yes, we will see BTC not going past 9.3K and that's being were to be very bullish at this time
Hence if you compare BTC dominance and ALT dominance you will see the confluence in the trend.
An example here is ETH\BTC chart (pairing)
WEEKLY Chart
BTC dominance chart.
Observations:
> It has hit a resistance, upper part of the channel and key resistance line
> It past a critical point (0.786 fib retracement), indicating BEARISH'ness
Thoughts:
Expect a slower decent while we have this BTC consolidation at the 7K to 8K range.
Yes, we will see BTC not going past 9.3K and that's being were to be very bullish at this time
Hence if you compare BTC dominance and ALT dominance you will see the confluence in the trend.
An example here is ETH\BTC chart (pairing)
WEEKLY Chart
BTC dominance chart.
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.