What a last few days, we’ve had Alts are giving double digit profits everyday.
But the main question remains …….. IS Altseason really here?? Are we going to see the crazy profits we saw through the summer??
Let’s break this down looking at the most crucial chart every professional trader looks at to predict this, BITCOIN DOMINANCE CHART.
While looking at this chart, one thing that simply comes to mind is that BTC dominance is gonna go down. But how low? Will it be enough for a good Altseason??
Let’s break it down ..
The Big red candle is sitting at 20 Day Moving average which works as critical support and resistance during any bull run or bear run. If it bounces back above it tomorrow then sad to say but we all have to wait few more days for our beloved Altseason but if it breaks it we’re gonna have a little Altcoin bull run (Not Altseason).
For Altseason to happen BTC Dominance needs to break down the crucial support zone, which is just below the 20 Day Moving Average.
If it breaks it down the 50 Day Moving Average, which is sitting at 62.90 and then we can say that Altseason is here to stay.
So, for our beloved Altseason to happen BTC DOMINANCE needs to break down the 50 Day Moving Average. Until then we’re gonna have batches of Bull run but not Altseason.
Hope you all liked this Analysis of BTC Dominance chart in proportion to Altseason.
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Note: It is not a Financial Advice. DYOR before Investing.