Why I'm Bullish On The Bitcoin Dominance
You can see the 140 MA on the weekly still holding support for the last 3 weeks and stochastics just crossed to the upside.
At the same time the structure looks like an ascending triangle (bullish formation).
First likely target is 71 area, but as it looks like bitcoin might be approaching its last ultimate parabolic phase (blow off top) the dominance can shoot even higher to the 80s.
I am exiting any BTC pair altcoin trades for now. Will reconsider if we see a weekly closure below the 140 WMA.
At the same time the structure looks like an ascending triangle (bullish formation).
First likely target is 71 area, but as it looks like bitcoin might be approaching its last ultimate parabolic phase (blow off top) the dominance can shoot even higher to the 80s.
I am exiting any BTC pair altcoin trades for now. Will reconsider if we see a weekly closure below the 140 WMA.