Altcoin Shopping Spree! (BTC.D)
Yooooo, what's the deal everybody! It's ya big homie InJayWeTrust over here at MLT! 🍾
I hope you're all enjoying your weekend, staying safe and scouting thr markets for next week.
Let's talk about bitcoins dominance as we approach a very critical level of support!
I have an expanding channel drawn out, as you can see every rejection point entered in a prolonged Distribution or accumulation during the correction of bitcoin dominance.
As bitcoin dominance spreads out amongst the crypto market we look to correlate that movement with the altcoins btc pairs for accumulation. (Sellers are moving out of bitcoin to go to alts.)
The current red line you see i have is the current major support level for btc dominance. If we were to break that we will see a lot of money flow to alts, which can be a strong signal for the alt season!
We have created lower lows and lower highs since the correction of bitcoin dominance (green arrows Resistance)
We have failed to create a new level for bitcoin dominance to proceed back up. Currently bitcoin sits in a critical zone under 10k with a very stable area of price action.
The Crossover strategy is currently red and the ema dots are currently red.
Your major bitcoin trends will occur based upon rejection or breakout of 10k, this is an opportunity for a long term position to play on btc.
Alts for the past couple of months have been building up steam and lots of accumulation as a lot of alts have already broken out.
If btc cracks the red support line I have drawn out, we should be solid on most alts.
If you pull up ethereum dominance you will notice since the start of 2020 it has dome the complete opposite of what btc.d is showing. Ethereum is a leader in the alt runs so by showing ethereum dominance building up green signals is healthy for alt coin enthusiasts.
I'm altcoin shopping right now and spreading out that capital based off what btc.d wants to do next.
The red compression triangle shows where a major breakout point can occur if we were to funnel sideways towards the new year of 2021. I personally would not mine having the opportunity to accumulate for 6 more months, but like I said a lot of alts have already began shifting and running.
We will see what she wants to do next, GO CRYPTO! ❤
Best of luck to you all and try to enjoy your weekend, don't pop too many bottles 🍾🍾🍾🍾🤣
Drop some comments below and let us know what you think is next for the cryptocurrency community.
🥇MLT | PRO FULLTIME TRADERS
I hope you're all enjoying your weekend, staying safe and scouting thr markets for next week.
Let's talk about bitcoins dominance as we approach a very critical level of support!
I have an expanding channel drawn out, as you can see every rejection point entered in a prolonged Distribution or accumulation during the correction of bitcoin dominance.
As bitcoin dominance spreads out amongst the crypto market we look to correlate that movement with the altcoins btc pairs for accumulation. (Sellers are moving out of bitcoin to go to alts.)
The current red line you see i have is the current major support level for btc dominance. If we were to break that we will see a lot of money flow to alts, which can be a strong signal for the alt season!
We have created lower lows and lower highs since the correction of bitcoin dominance (green arrows Resistance)
We have failed to create a new level for bitcoin dominance to proceed back up. Currently bitcoin sits in a critical zone under 10k with a very stable area of price action.
The Crossover strategy is currently red and the ema dots are currently red.
Your major bitcoin trends will occur based upon rejection or breakout of 10k, this is an opportunity for a long term position to play on btc.
Alts for the past couple of months have been building up steam and lots of accumulation as a lot of alts have already broken out.
If btc cracks the red support line I have drawn out, we should be solid on most alts.
If you pull up ethereum dominance you will notice since the start of 2020 it has dome the complete opposite of what btc.d is showing. Ethereum is a leader in the alt runs so by showing ethereum dominance building up green signals is healthy for alt coin enthusiasts.
I'm altcoin shopping right now and spreading out that capital based off what btc.d wants to do next.
The red compression triangle shows where a major breakout point can occur if we were to funnel sideways towards the new year of 2021. I personally would not mine having the opportunity to accumulate for 6 more months, but like I said a lot of alts have already began shifting and running.
We will see what she wants to do next, GO CRYPTO! ❤
Best of luck to you all and try to enjoy your weekend, don't pop too many bottles 🍾🍾🍾🍾🤣
Drop some comments below and let us know what you think is next for the cryptocurrency community.
🥇MLT | PRO FULLTIME TRADERS
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