Bitcoin Dominance Hit 70%: Will Altcoins Pump?Kehinde LAWAL
BTC Dominance is moving towards my target of 71%. Before BTC and BTC.D were moving together due to which BTC and Alts were moving inversely.
Now BTC.D is not moving the same as BTC, We saw BTC dropping but the dominance is still holding nicely.
This is because people selling their BTC are not moving into altcoins but instead they’re converting into USDT/USD due to which we’re seeing both BTC and Altcoins dropping at the same time.
BTC.Dominance is forming a bearish rising wedge pattern but i still feel we’ll go towards at least 71% and possible 74-75%.
If BTC is not moving upwards while BTC.D is, then it means Altcoins going to get rekt badly.
Even incase BTC.D breaksdown from this rising wedge, It’ll bounce back from 65% and move towards my targets of 71-74%, So that means a relief bounce for altcoins before they drop even more
Article Source: Telegram Trading Gist Channel