Alt Season Round The Corner !?!?
!!! Please keep in mind I use Daily, Weekly & Monthly charts period !!! Disclaimer - This is not Financial Advice.
Bitcoin Dominance Chart is forming a rising wedge this generally indicates a break out is about to occur. As the trend was heading in a downward direction, we should see the downwards action continue, however, this won't be confirmed till the break out happens. I have plotted the directions I believe the chart will follow off support and resistance levels.
Keep in mind that just because the Bitcoin Dominance heads lower, might not mean the price off BTC will fall but could rise gradually slower compared to the rest of the Crypto Market.
If I had to estimate a time frame 1 - 2 weeks for break out confirmation, 1-2 weeks to retest the trend line then 3-5 week downward movement.
Bitcoin Dominance Chart is forming a rising wedge this generally indicates a break out is about to occur. As the trend was heading in a downward direction, we should see the downwards action continue, however, this won't be confirmed till the break out happens. I have plotted the directions I believe the chart will follow off support and resistance levels.
Keep in mind that just because the Bitcoin Dominance heads lower, might not mean the price off BTC will fall but could rise gradually slower compared to the rest of the Crypto Market.
If I had to estimate a time frame 1 - 2 weeks for break out confirmation, 1-2 weeks to retest the trend line then 3-5 week downward movement.
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BTC.D has broken out of the consolidation downwards as expected. Alt Coins are beginning to take off slowly slowly. Will wait to see if there will be a retest and bounce of for further confirmation. So far looking good!!