BTC Total Market Dominance. Can you spell Technical?

٩ يناير ٢٠١٩

BTCUSD

Even the veteran technicians can appreciate the beauty in these efficient markets. Ask in the comments if you don't understand the significance behind where the arrows are pointed.

Disregard the indicators... The value is in the price action.

For instance, the 0.618 retracement - pulled from the wave 2 of the decline to end of 5 - #to the tick - confluent with the 1.618 of the first wave projected from the 2nd wave.

Algo targets are also hit flawlessly on this chart. We now are seeing a descending triangle which can also be interpreted as a bullish pennant. Either way, we are poised for a breakout in one of the directions by Q3 of this year. This means either BTC will increase it's dominance drastically or we will have an alt season. There are two sides to this camp both with valid arguments. I however, personally lean towards the alt season camp, and recognize that having one doesn't rule out the other. Bitcoin maximalists such as Tone Vays, where they have a sound theory as to why BTC should gain market cap as it is the godfather of cryptos - must take into account that there is still a limitless potential for new altcoins to be created and during the bear markets the builders have been building and many coins which have survived the cryptopalypse have very sound real world applications.