Altcoin Speculation Coming Soon...
Smaller cap altcoin dominance is leaving the RSI oversold conditions (of less than 30) this week and is currently reading 31.73. This comes after nearly three months of being oversold after dominance fell below the 200 Week MA. The last time "Other altcoins" dominance spent this long in oversold conditions was at the end of 2015, for two months, before rising from less than a 1% to it's ATH above 15%. Altcoin speculation is coming...
Bullish arguments:
Bullish arguments:
- RSI leaving oversold conditions
- MACD bullish crossover
- CMF bullish divergence
- Rising volume, 2x from Jan 18
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Nice "dip buying" on small cap alts when below 5% market dominance, but needs to continue to hold this level.
Watch out for the 50 & 200 Week MA bear cross next month...
Watch out for the 50 & 200 Week MA bear cross next month...
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With the death cross (between the 50 & 200 Week MA) appearing on small cap altcoin dominance this week, confirming a long-term bear trend, it's worth tightening any stop losses on any small cap trades due to the possibility of a continued sell of. While the bear cross is a lagging indicator to confirm long-term trends, and the "price" could rally towards it (has often happens in Bitcoin) it's also bearish by default, similar to the flattening of the CMF.
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Some context: www.youtube.com/watch?v=oZwzttex...
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Still following to a T :-)
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Still liking how this is looking. Holding support above the 200 Week MA will bullish, the TD 9 did nothing to reverse the dominance of small cap altcoins.
CMF getting close to positive with notable dominance dip support.