Is Bitcoin dominance on the verge of collapse?
Actualizado
For anyone interested in crypto tokens that are not Bitcoin or Ethereum, you’ll want to give this post your full attention!
The above 10 day chart is very important for anyone speculating on alt tokens. The highlights:
1) Bitcoin dominance support and RSI support have broken market structure. That’s not my opinion, it is a fact of the chart.
2) Significant bearish divergence has printed at the breakout. Look left. (little red/green shapes). The number of oscillators printing divergence is shown. The higher the number the more significant the divergence. The divergence is measured over a period of weeks.
3) Support was held for 2.5 years (930/950 days) before the break of market structure. This is exactly the same length of time during dominance support from 2017 until 2019. Coincidence?
4) Given point 1 through 3, what happened to the alt token market from the period of November 2019 until May 1st 2021? Significant gains. See chart below.
5) This is all good news for alt tokens, right? Yes and no. In the “Alt token market to 10x” idea (link below) it was written “Not all tokens will enjoy gains in this bull run”. That remains the situation, legacy tokens such as ADA, DASH, EOS, LTC, MATIC, etc.. they continue to show no signs of supporting market structure on either USD or BTC pairs . Maybe that changes in time, but for now, no.
Ww
Alt token market November 2019 until May 1st 2021
The above 10 day chart is very important for anyone speculating on alt tokens. The highlights:
1) Bitcoin dominance support and RSI support have broken market structure. That’s not my opinion, it is a fact of the chart.
2) Significant bearish divergence has printed at the breakout. Look left. (little red/green shapes). The number of oscillators printing divergence is shown. The higher the number the more significant the divergence. The divergence is measured over a period of weeks.
3) Support was held for 2.5 years (930/950 days) before the break of market structure. This is exactly the same length of time during dominance support from 2017 until 2019. Coincidence?
4) Given point 1 through 3, what happened to the alt token market from the period of November 2019 until May 1st 2021? Significant gains. See chart below.
5) This is all good news for alt tokens, right? Yes and no. In the “Alt token market to 10x” idea (link below) it was written “Not all tokens will enjoy gains in this bull run”. That remains the situation, legacy tokens such as ADA, DASH, EOS, LTC, MATIC, etc.. they continue to show no signs of supporting market structure on either USD or BTC pairs . Maybe that changes in time, but for now, no.
Ww
Alt token market November 2019 until May 1st 2021
Operación activa
Failed support confirmed.The 3 day chart below is the same 10 day chart above, just zoomed in.
Bitcoin dominance has collapsed 5% since the recent 57% high. More importantly support that has been active sine the year began has now failed.
The confirmation of support failure is indicating the alt-token market is likely to get all the attention in the weeks and months ahead, which should not be a surprise given that many are trading at a 50 to 70% discount from only a few weeks ago.
3-day
Nota
There is a continuing impression of a significant collapse in Bitcoin dominance. A 40% collapse.
BTC
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Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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