Daily BTC Dominance Update
Well, it's almost crunch time for BTC and the old king is facing up to a field of younger, fitter and stronger opponents.....the revolution is marching on the castle. Ok well maybe the analogy falls short at stronger, but either way, this chart looks gloomy for BTCs dominance over the market. Not only is BTC in a long term downtrend against the Alts, but it has just hit its last support with both RSI and OBV breaking down. This is the end of a long term descending triangle which is bearish on its own. If (when) this support breaks there is a strong possibility that we will see a massive rally from the altcoins.
A contrary perspective would be that we have a negative news event or another trigger that sends BTC lower. This would cause alts to bleed out even more and we would then see BTC bounce off support and move up gaining dominance once again. Let's hope this is not the case!
A contrary perspective would be that we have a negative news event or another trigger that sends BTC lower. This would cause alts to bleed out even more and we would then see BTC bounce off support and move up gaining dominance once again. Let's hope this is not the case!
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