SUMMARY : Bullish for Altcoins, BTC is now in a consolidation period (see link below) . Expect some resistance at the 50% level to persist.
-- Technical --
Bitcoin share of total market (dominance) is dropping to All Time Lows ( ATL ) and at this point money will flood into the Alt coin markets driving massive positive price action - ultra bullish for Alt coins.
We have a head and shoulders pattern on the 1W time scale (powerful signal) - super bullish .
Based on previous 17/18 fractals we could see BTC dominance drop to as low as 40-45%, will be equivalent to an extra USD250 billion flowing into Alt coins - ultra bullish
1W MACD is show increase momentum to the down side - bullish for Alt coins
IMPORTANT : BTC .D is best read on a 1 week time scale to remove now
-- Fundamentals --
After the sharp correction (BTC steep 15k correction link below) a sharp sell off on Alts occurred, with drops as much as 40% for many top alt coins.
We are starting to see inflows of funds return and the TOTAL2 market cap (exc. BTC) trade back up to its ATH level.
$$$ Happy Bull Market come Alts season $$$
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SO: What do you think, have I missed something or is there a particular indicator you like? Let me know in the comments.
*Not financial advice and is for educational purposes only. Always DYOR.
@A_K_7 looks like we might be getting the mother of all “alt seasons” this cycle.
Tez8
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Thanks
A_K_7
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@Tez8, im a month old to this crypto world, and i dont know abt these things, lastly i found this correlation behaviour and today ended finding this btc dominance factor. Ur idea has given a clear cut picture .
I have an doubt at what time or zone i can trade alt coins like if btc at support and showing strong bullish can i trade along with btc in alt market to catch a swing?
Tez8
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@A_K_7 you have caught the Tiger the tail. You have entered the space when it is about to go sky high, ie, crypto market caps.
Key cryptos to watch are: BTC, ETH, and XRP for trader sentiment.