Bitcoin Dominance keeps going up, to a point where we have to recognize that this gigantic triangle might have bursted to the upside, which does not bode well for Altcoins. Usually when the market is bullish, Altcoins outperform Bitcoin when the market goes up and underperform when the market goes down. Here we have a strange situation: no matter if the market goes up or down, Bitcoin keeps doing better. Now it's been more than 8 days of green candles, when we start printing the red candles, it means the Dominance will keep rising because Bitcoin is more defensive.
If you zoom out on the 1D, could it be a bear flag we are forming?
quantmaven
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@TWIMARKETCAP, At this point anything is possible. Yeah if you move my dynamic resistance it could form a bear flag. But to reach the top of that bear flag, the Bitcoin Dominance would have to push from 49% to 56%. I have a hard time imagining a bull market for crypto where that happens. Maybe it's because regulations are impacting Altcoins more than Bitcoin?
Beardoggy
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Or alts are waiting for btc to stop shaking the prices around you guys put way too much stock in dominance , btc needs to recover or crash before alts can build so of course its dominance will proceed a move from here
@Authourz, its a side effect of btc and human psychology not a portend of anything .dominance has to rise first explain why btc having a period of dominance effects new money pumping alts?just because its assumed it comes from btc value .
Im personally waiting for btc to trend up and then alts im sure many are
Authourz
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@Beardoggy, everyone with the good understanding of BTC is actually waiting for this...