Bitcoin Dominance & Altcoins Update
I was looking at bitcoin dominance today with respect to the altcoins. As cryptocurrency traders, we trade with respect to bitcoin not USD, what we want in the end is more and more Sats. So, here i see few bearish signals which is showing us to move into altcoins on bigger timeframe, as it is time to gain more sats than usd:
1. If we count the wave structure, it is showing that the correction wave is completed so we can start looking for other impulse to the downside.
2. Rising wedge which is a bearish pattern in between the green and red lines, and it is exiting from that wedge pattern to the downside.
3. The blue trend line which is acting as new resistance now.
4. The mirror zone at 67.4 on the chart and currently it is below that, mirror zone can act as trend changing zones.
We remain bearish in BTC.D for now and bullish on alts, but we always remain active to be wrong anytime and to correct ourselves with the market. If any of the above signs or few of them starts to change we will change our decision and move into the bitcoin to maintain our sats.
Happy Trading.
1. If we count the wave structure, it is showing that the correction wave is completed so we can start looking for other impulse to the downside.
2. Rising wedge which is a bearish pattern in between the green and red lines, and it is exiting from that wedge pattern to the downside.
3. The blue trend line which is acting as new resistance now.
4. The mirror zone at 67.4 on the chart and currently it is below that, mirror zone can act as trend changing zones.
We remain bearish in BTC.D for now and bullish on alts, but we always remain active to be wrong anytime and to correct ourselves with the market. If any of the above signs or few of them starts to change we will change our decision and move into the bitcoin to maintain our sats.
Happy Trading.
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