Altcoin Dominance at bottom of Daily Channel
If we're going to see alts continue to gain in dominance, it needs to turn around here. That's not to say that it couldn't ride the bottom for longer before it turns up, but we shouldn't see it drop much lower.
Lose the channel and expect it to move down more before up.
Bitcoin dominance looks like it's very close to moving down, having created a wedge here (inverted chart below).
- That said, if BTC.D moves above ~46-47% and doesn't see a strong reaction turning back down, then we're likely to see more correction across the market or at least a sharp rise in Bitcoin that eats up alts.
- Or, instead we see others.d move up from channel bottom and btc.d move down to new lows, we may see an alts run prior to btc moving back towards ATHs or even a new ATH.
Lose the channel and expect it to move down more before up.
Bitcoin dominance looks like it's very close to moving down, having created a wedge here (inverted chart below).
- That said, if BTC.D moves above ~46-47% and doesn't see a strong reaction turning back down, then we're likely to see more correction across the market or at least a sharp rise in Bitcoin that eats up alts.
- Or, instead we see others.d move up from channel bottom and btc.d move down to new lows, we may see an alts run prior to btc moving back towards ATHs or even a new ATH.
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