$BTC Dominance $BTC.D - Alts to suffer some more.
Grim pickings here boys and girls. As we previously charted a few weeks ago, we got the correction we were expecting; the beginning of it anyways.
On this graph we are zoomed in a bit (and inverted). I decided to invert the chart because it feels more natural as we wouldn't expect bitcoin to ever again reach 100% and the logical progression is down (unlike the price of coins).
So here we see that Dominance was rejected close to the ATH of the 2017 bull market. We also see that the current B wave is curving and wants to go back down. Lets see how long it will take for that to happen. This chart makes me think we will see a big of relief short term and have a huge dump in the coming days.
Mid-term outlook: I think we haven't properly tested the 2017 ATH and therefor I am bullish going into late-summer early autumn.
On this graph we are zoomed in a bit (and inverted). I decided to invert the chart because it feels more natural as we wouldn't expect bitcoin to ever again reach 100% and the logical progression is down (unlike the price of coins).
So here we see that Dominance was rejected close to the ATH of the 2017 bull market. We also see that the current B wave is curving and wants to go back down. Lets see how long it will take for that to happen. This chart makes me think we will see a big of relief short term and have a huge dump in the coming days.
Mid-term outlook: I think we haven't properly tested the 2017 ATH and therefor I am bullish going into late-summer early autumn.
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