BTC.D - Bitcoin Maximalist's Time to be Punished
Doing another bitcoin dominance update now that the crypto market's gotten interesting again.
Looking here at the 3Day timeframe chart, just by taking a glance at it even a novice trader could understand that we've topped out.
Not even going into terms of Fundamental Analysis, anybody with a sense of how markets work understands that the Dominance has wicked off the top of a monthly resistance level at 70.21% and it's upward momentum has slowed down.
I remember some delusional maxi's calling a 95% Bitcoin Dominance... not anymore. They're all now trying to save face and disrespecting any other altcoin trader.
Bitcoin topped out in 2019 at around $14,000 as well as the Dominance at 73%.
The monthly level marked in white at 70.21% is the exact point at where the 2017 altcoin season started. It's not a coincidence that we keep trying to touch the 70.21% level.
Traders know that we can't break back above and the move is failing out, it's like the projectile motion of a golf ball. Sure you hit your drive 260, but at around 200 or so yards the ball starts to lose steam. That's exactly what's happening with the BTC .D . Anyday now it's just going to freefall just like it did in 2017.
Every altcoin chart looks the exact same right now, all are popping out of accumulation, or already have with 60%+ moves. Anyday now.. watch. Bitcoin SV rose up 141% in a 24H period.. that doesn't happen in a bear market.
Then after the altcoin season when BTC .D falls and matches all-time-lows, Bitcoin will go crazy in price because everyone will cash out their no use case altcoins for the limited supply coin, Bitcoin .
As always please do your own research, I am not a financial advisor.
Looking here at the 3Day timeframe chart, just by taking a glance at it even a novice trader could understand that we've topped out.
Not even going into terms of Fundamental Analysis, anybody with a sense of how markets work understands that the Dominance has wicked off the top of a monthly resistance level at 70.21% and it's upward momentum has slowed down.
I remember some delusional maxi's calling a 95% Bitcoin Dominance... not anymore. They're all now trying to save face and disrespecting any other altcoin trader.
Bitcoin topped out in 2019 at around $14,000 as well as the Dominance at 73%.
The monthly level marked in white at 70.21% is the exact point at where the 2017 altcoin season started. It's not a coincidence that we keep trying to touch the 70.21% level.
Traders know that we can't break back above and the move is failing out, it's like the projectile motion of a golf ball. Sure you hit your drive 260, but at around 200 or so yards the ball starts to lose steam. That's exactly what's happening with the BTC .D . Anyday now it's just going to freefall just like it did in 2017.
Every altcoin chart looks the exact same right now, all are popping out of accumulation, or already have with 60%+ moves. Anyday now.. watch. Bitcoin SV rose up 141% in a 24H period.. that doesn't happen in a bear market.
Then after the altcoin season when BTC .D falls and matches all-time-lows, Bitcoin will go crazy in price because everyone will cash out their no use case altcoins for the limited supply coin, Bitcoin .
As always please do your own research, I am not a financial advisor.
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