BTC Bitcoin Dominance set to decline further
One would ask if bitcoin is already dead when looking at the data in this chart. Lets analyze and take a look at the take aways
We can see ever since the beginning the btc.d has been in a decline and after a very burtal wave 3 down in 2017/2018 it has been correcting until late 2020 from where it started the next impulse down.
having completed waves 1-4 already (white count, previously mentioned here tradingview.com/chart/BTC.D/pMaY3xLS-BTC-Dominance-Channeling-into-Altseason/) we can see btc.d has started its final leg down.
since wave 3 triggered 4.236, wave 5 is expected to hit at least 8.236 which has super conflunce with major 1.272.
of course we have to monitor closely what waves form within this leg down since the 5th wave could also be truncated.
but either way, further downside for btc.d is to be expected and it should accelerate once breaking the previous low at around 39%
putting this fact into the context of the insanely bullish charts altcoins have, we could be pretty close to an insane altcoin rocket rally where btc.d would blow half its market capitalization into alts
and since the majority of people is afraid of markets heading for lower or even 0, this would be the ultimate, epic, pure, max pain scenario
its going to be some very interesting next weeks once we trigger the lower low!
a rise above 48,x% would require to reassess before invalidating this idea
Hold my beer pls
----
No financial advice, do your own research, don't be stupid
We can see ever since the beginning the btc.d has been in a decline and after a very burtal wave 3 down in 2017/2018 it has been correcting until late 2020 from where it started the next impulse down.
having completed waves 1-4 already (white count, previously mentioned here tradingview.com/chart/BTC.D/pMaY3xLS-BTC-Dominance-Channeling-into-Altseason/) we can see btc.d has started its final leg down.
since wave 3 triggered 4.236, wave 5 is expected to hit at least 8.236 which has super conflunce with major 1.272.
of course we have to monitor closely what waves form within this leg down since the 5th wave could also be truncated.
but either way, further downside for btc.d is to be expected and it should accelerate once breaking the previous low at around 39%
putting this fact into the context of the insanely bullish charts altcoins have, we could be pretty close to an insane altcoin rocket rally where btc.d would blow half its market capitalization into alts
and since the majority of people is afraid of markets heading for lower or even 0, this would be the ultimate, epic, pure, max pain scenario
its going to be some very interesting next weeks once we trigger the lower low!
a rise above 48,x% would require to reassess before invalidating this idea
Hold my beer pls
----
No financial advice, do your own research, don't be stupid
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.