The long-awaited, highly elusive period in cryptocurrency trading is finally here with the Bitcoin Dominance value crossing below the multi-year trendline.
This tells us that money is flowing into altcoins or stablecoins at a faster rate than it is flowing into bitcoin. It does not necessarily mean that bitcoin's price is going down as BTC.D can be going down while the bitcoin price goes up. As the provided cheat sheet shows, that is when altcoins will increase very fast.
We need to see the BTC.D value hold its position under the trend line for confirmation. Then we should see BTC.D move very similar to the '20-'21 altseason that I marked with the two blue vertical lines.
Historically, August is a month for the price of Bitcoin to have a pullback, and the timing of that seems to points towards late August or early September, but you never really know with trading markets.
This is cause for celebration! Congrats!
Note: I posted an BTC.D idea a few hours ago but decided to do a new one to add more context.
This tells us that money is flowing into altcoins or stablecoins at a faster rate than it is flowing into bitcoin. It does not necessarily mean that bitcoin's price is going down as BTC.D can be going down while the bitcoin price goes up. As the provided cheat sheet shows, that is when altcoins will increase very fast.
We need to see the BTC.D value hold its position under the trend line for confirmation. Then we should see BTC.D move very similar to the '20-'21 altseason that I marked with the two blue vertical lines.
Historically, August is a month for the price of Bitcoin to have a pullback, and the timing of that seems to points towards late August or early September, but you never really know with trading markets.
This is cause for celebration! Congrats!
Note: I posted an BTC.D idea a few hours ago but decided to do a new one to add more context.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.