WAITING FOR ALT COINS SEASON? WATCH THIS CHART
Wonder why majority of the alt-coins are not moving? Well this is because the bitcoin dominance keep going up. Since the bitcoin dominance made a double bottom in September 10th the dominance has been on a steady rise, but the dominance is approaching a major resistance level.
The 48 to 50 percent level is a level to watch if you are holding alt-coins. If bitcoin should break above that level then the alt-coins we continue to move sideways for sometimes but if dominance find resistance and consolidate for sometime around That 48-50 zone or if rejected around that zone, that’s a signal that we are going to get a pump in the alt-coins. So watch that zone closely before trading alt-coins.
NOTE: we have a double bottom pattern on the chart and if it breaks above that resistance the target for that pattern will take the dominance to 57 percent level and that will affect the movement of the alt-coin so pay attention. Don’t trade blindly.
The 48 to 50 percent level is a level to watch if you are holding alt-coins. If bitcoin should break above that level then the alt-coins we continue to move sideways for sometimes but if dominance find resistance and consolidate for sometime around That 48-50 zone or if rejected around that zone, that’s a signal that we are going to get a pump in the alt-coins. So watch that zone closely before trading alt-coins.
NOTE: we have a double bottom pattern on the chart and if it breaks above that resistance the target for that pattern will take the dominance to 57 percent level and that will affect the movement of the alt-coin so pay attention. Don’t trade blindly.