Bitcoin Dominance - 2nd Re-test @ Bottom of Parallel Channel
Again, we're re-testing the bottom of the parallel channel we broke out of back in July.
For alts to make good gains, we need to stay below the two trendlines drawn (bottom line is drawn from line chart, top trendline is from candlesticks).
To reiterate what was said on the chart from Nov 12, the same scenario is re-occuring and may or may not lead to another mini-alt run (or even the big one, but I'm not sure BTC is done yet).
I'm expecting a drop in dominance from here, providing some short term pumps to alts, but the opposite could still occur. For this to play out, make sure we stay below the two trendlines. If we break above and stay there, returning to our channel, this could be bad for alts vs. their BTC value.
Nov 12 (see link to related idea below):
-Back in July, we broke down out of the channel shown here. After a mini-alt-season, we've returned to re-test the bottom of the channel.
-There is a chance here that our re-test fails, and if so, we can expect alts to start moving again soon.
-If we re-enter and stay in the channel, this is bad for alts.
For alts to make good gains, we need to stay below the two trendlines drawn (bottom line is drawn from line chart, top trendline is from candlesticks).
To reiterate what was said on the chart from Nov 12, the same scenario is re-occuring and may or may not lead to another mini-alt run (or even the big one, but I'm not sure BTC is done yet).
I'm expecting a drop in dominance from here, providing some short term pumps to alts, but the opposite could still occur. For this to play out, make sure we stay below the two trendlines. If we break above and stay there, returning to our channel, this could be bad for alts vs. their BTC value.
Nov 12 (see link to related idea below):
-Back in July, we broke down out of the channel shown here. After a mini-alt-season, we've returned to re-test the bottom of the channel.
-There is a chance here that our re-test fails, and if so, we can expect alts to start moving again soon.
-If we re-enter and stay in the channel, this is bad for alts.
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Update: Alt season may be upon us, if this occurs:
