Bitcoin Dominance - New Take: Possible New ATL forming for BTC.D

21 Tem 2021

I used to think we would reach ~50-53% for sure, perhaps even re-test ~60%, and then head down towards 36%, stopping there and heading back up. While this is still possible, I am starting to believe that BTC dominance may find a new bottom this cycle @ ~32% or even lower, and ~47-48% may be our stopping point before heading down to our new ATL.

Here's why:

1.) BTC.D confirmed a double top when we broke below 53%, and that gave us a minimum target of 32%. It's still possible we re-test 53% @ the neckline of where we broke down, but the break was super strong, so 47-48% seems more likely

2.) ALTs haven't yet had a big run against their BTC pairings. However, Ethereum offered us a preview of what this could look like a few months ago when it made its last high. Whereas, alts have yet to catch up with ETH, and they look primed to do so. On the other hand, ETH still looks bullish vs BTC as well. We may not yet see a "flippening" of ETH vs BTC, but ETH and some of the more promising new alts may eat away at some of Bitcoin's dominance again.

Let's see what happens. Previous ideas linked below under related ideas.

21 Tem 2021

Not

Re-posting a log chart pic here so you can actually see the price lines, since they were too scrunched up in the chart above:

6 Ağu 2021

Not

Update:

Bitcoin Dominance is in a rising wedge here, which not always - but typically has a bearish exit. Meanwhile, almost all alts are in a falling wedge, which tends to exit bullish:

13 Ağu 2021

Not

Update: Broke below rising wedge, tested bottom once and moved down on 4H:



Daily chart wedge is more clearly broken, but hasn't moved up to test bottom yet, if it will: