Can Dominance break this critical level?

29 ก.ย. 2020

ALTCOIN MARKET and BTC Dominance Update: Though it seems there's some glitch in the chart Dominance looks bearish as per the other indicators. All we need is a break below that red line which is the 50D MA. You might have observed that I focus on 50D MA on major charts. The reason is this is an important indicator to know the reversals in short term and long term trends.
IMHO if we break below the 50D MA alts might rally positively some more although there isn't much fundamental Hype here.
Please observe in the chart that every time we see a bearish cross over on MACD above the median we have witnessed minimum a week of sideways and downside momentum in dominance which eventually leads alts to grow positively for days and even weeks.
I am not posting any altcoin setups for now.
Our strategy is different, we need to catch the possible bottoms of the altcoins and exit the market at the right time.
Though we are holding few altcoins we are more than 85% in BTC since the last 6 weeks when we warned you about the possible altcoin tops. Crypto Greed was almost above 83!
Basically extreme greed in the market that is exactly when we exited our major altcoin positions with insane profits.
Right now the best thing is to stay aside and wait for the right time to enter new positions.
Trading takes a lot of patience. This time it's yours.
If you don't understand a trade, don't take it.
Avoid it if you can.
Your first priority should be to preserve your capital because if you don't do so you know that this market is very cruel no matter how much you earned in the last 6 months it will take everything back in few days(I know some you feel me right now while reading this).
Be smart and always be updated, I am patiently waiting for the righty trades.


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#PEACE