BTD.D | Inverse Head & Shoulder Pattern Forming?
Seems like there is potential for there to be an inverse head and shoulder parttern to form on the BTC.D chart with the neckline at the 67.94% mark.
What could this mean if so?
Seeing an increase in Bitcoin dominance could mean two potential things:
1. Bitcoin breaks out beating the rest of the altcoin market
I see this as unlikely as given the current macro environment of the economy but possible albeit briefly
2. A large sell off in the crypto markets with altcoins losing the greatest value
This is more probable. We're more likely to see a further sell off in traditional markets as although there is a bounce in equities there's no fundamental reason why other than central banks printing money and providing as much liquidity to markets as possible, however what is really causing a sell off is the various governments guidance. Limited amount of business operating, mass unemployment, most people staying home, and extremely limited limited economic activity.
What could this mean if so?
Seeing an increase in Bitcoin dominance could mean two potential things:
1. Bitcoin breaks out beating the rest of the altcoin market
I see this as unlikely as given the current macro environment of the economy but possible albeit briefly
2. A large sell off in the crypto markets with altcoins losing the greatest value
This is more probable. We're more likely to see a further sell off in traditional markets as although there is a bounce in equities there's no fundamental reason why other than central banks printing money and providing as much liquidity to markets as possible, however what is really causing a sell off is the various governments guidance. Limited amount of business operating, mass unemployment, most people staying home, and extremely limited limited economic activity.