BTC.D - Did someone say Alt Season?!?
Bitcoin's dominance rate reached 55.07% today - Its highest rate since Dec 16,2018. As of today it is currently 0.3% away from reaching its highest levels since September 2018.
But was does this mean exactly? Since Bitcoin started its rally many Alts have both been taking a hit in both Sats and Dollar value. However, i believe Alts will be in for a relief rally against Bitcoin in the near future as Bitcoins dominance is hitting some historical resistance on both the Weekly, and daily charts in relation to its dominance.
An Alt season is not guaranteed, but if i was hedging my bets i would look at taking up some small alt positions if Bitcoin can avoid a break-down. I would still avoid over-exposure to Alts because if BTC does break-down many alts will continue a downward trend.
As highlighted in one of my previous posts, i believe ETH is looking promising for some upside movement.
But was does this mean exactly? Since Bitcoin started its rally many Alts have both been taking a hit in both Sats and Dollar value. However, i believe Alts will be in for a relief rally against Bitcoin in the near future as Bitcoins dominance is hitting some historical resistance on both the Weekly, and daily charts in relation to its dominance.
An Alt season is not guaranteed, but if i was hedging my bets i would look at taking up some small alt positions if Bitcoin can avoid a break-down. I would still avoid over-exposure to Alts because if BTC does break-down many alts will continue a downward trend.
As highlighted in one of my previous posts, i believe ETH is looking promising for some upside movement.
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