I believe the charts show we may be very close to an Alt season.
Chart show Bitcoin Dominance as percent of Crypto Market.
Reasons I believe an alt Season may be close.
1. We are at the top of a rising Wedge.
2. We are at the top of a parallel channel.
3. Sentiment is in the dumpster.
4. The Fibs look right for a .618 retracement to a support level
from...
Holding support and bullish RSI divergence. Look to FOMC minutes Wednesday and Initial jobless claims on Thursday for possible next moves.
If dollar shows more strength(dxy) crypto will continue to face significant headwinds.
Happy 2022 and safe trading!
It appears DXY index may be in the early stages of a head and shoulders formation with a double top on the head. Potential price shown in Q1 of 22' would line up with High for crypto many are talking about. Trade safely.
