BTC Dominance as proxy for altcoin sentiment - XRP USD Example
One of the most useful relationships I've found is between altcoins like
XRPUSD
and Bitcoin Dominance
BTC.D
This is just a comparison of XRP/USD vs. BTC Dominance, but you can see this inverse correlation play out across the vast majority of heavily traded altcoins.
And if you set your alts vs. btc instead of alts vs. USD, the correlation shows up even clearer.
This can turn the question from 'When will Ripple go up?" or "When will X altcoin go up?" to "When will BTC Dominance break down?"
BTC dominance as an excellenet proxy for altcoin sentiment.
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XRPUSD
and Bitcoin Dominance
BTC.D
This is just a comparison of XRP/USD vs. BTC Dominance, but you can see this inverse correlation play out across the vast majority of heavily traded altcoins.
And if you set your alts vs. btc instead of alts vs. USD, the correlation shows up even clearer.
This can turn the question from 'When will Ripple go up?" or "When will X altcoin go up?" to "When will BTC Dominance break down?"
BTC dominance as an excellenet proxy for altcoin sentiment.
Want to learn the basics of technical analysis, risk management, and the fundamental principles of profitable trading? Check out our Level 1 course. Giving it away for free right now for Tradingview users to beta test over the next few weeks. Over 20 hours worth of content, brings you from the ground up and gets you analyzing charts like smart money.
Use discount code 'Tradingview' - learn more and get a free course preview here https://education.truebinary.io/courses/Level1