This is Total2(crypto market cap excluding BTC)/BTCUSD or simply we can say inverted BTC dominance chart.
I've pointed out BTC.d levels approximately so you can have a view of both, and I chose this chart because it is not indexed if wonder the reason.
Well, here on log scale and on BTC.d linear scale chart (the bullish trend on BTC.d log scale is broken FYI) we have a channel which here we can see it is testing the top line. It would be a very important confirmation if a weekly candle clearly breaks above the channel and as you know in that case altcoins are going to have even better days.
As always we should wait for a rejection or a breakout, but something to consider is that most of altcoins look more bullish than BTC does and that increases the breakout chance here.
We also have plenty of reasons for rejection: a perfect bearish deep crap HP, a long-term trend line, and a PA resistance area almost above the line (61.5-63 on BTC.d).
In case breakout happens 58 and 52 are two strong resistances that can be expected.
Don't miss the altparty, if it happens and don't forget to support if you liked it ...
Goodluck
I've pointed out BTC.d levels approximately so you can have a view of both, and I chose this chart because it is not indexed if wonder the reason.
Well, here on log scale and on BTC.d linear scale chart (the bullish trend on BTC.d log scale is broken FYI) we have a channel which here we can see it is testing the top line. It would be a very important confirmation if a weekly candle clearly breaks above the channel and as you know in that case altcoins are going to have even better days.
As always we should wait for a rejection or a breakout, but something to consider is that most of altcoins look more bullish than BTC does and that increases the breakout chance here.
We also have plenty of reasons for rejection: a perfect bearish deep crap HP, a long-term trend line, and a PA resistance area almost above the line (61.5-63 on BTC.d).
In case breakout happens 58 and 52 are two strong resistances that can be expected.
Don't miss the altparty, if it happens and don't forget to support if you liked it ...
Goodluck
