- BTC.D dominance rejected by key support, if it reverses BTC price will fall as they are negatively correlated.
- BTC broke through the 40k$ and 36k$ supports very quickly, which illustrates the momentum of the bears
- We can see 2 bearish patterns emerging: a double-top (M) pattern on the monthly and a head&shoulders on the weekly. Both bearish indicators.
- Multiple indicators show bearish divergence against BTC price.
Personally, I am waiting for altcoins to decouple from BTC and start outperforming BTC. I hope that the BTC price will hold above 30k$. If that happens (or if BTC magically pumps), I think alts will boom.
But I think there is a very big possibility that BTC will soon dump, which will cause BTC.D to rise. This will cause the entire altcoin market to bleed.
Highly advise stoplosses on your trades.
- BTC broke through the 40k$ and 36k$ supports very quickly, which illustrates the momentum of the bears
- We can see 2 bearish patterns emerging: a double-top (M) pattern on the monthly and a head&shoulders on the weekly. Both bearish indicators.
- Multiple indicators show bearish divergence against BTC price.
Personally, I am waiting for altcoins to decouple from BTC and start outperforming BTC. I hope that the BTC price will hold above 30k$. If that happens (or if BTC magically pumps), I think alts will boom.
But I think there is a very big possibility that BTC will soon dump, which will cause BTC.D to rise. This will cause the entire altcoin market to bleed.
Highly advise stoplosses on your trades.