06:30:01 PM 04/24/21
Bitcoin Dominance Update
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Bitcoin Dominance is bouncing from the long horizontal support line and also tests the psychological support of 50%. There are two possible scenarios now.
The first one is that Dominance bounced from here and test the 58% resistance area and if breaks above it we see a retest of 64% resistance area. In that case, alts will bleed in the BTC pair.
The second case is that Dominance breaks and closes below the 50% area. That will trigger the targets of 45% area and after that 40% area. This is bullish for alts and we see a good altseason in BTC pair. However, there is a low probability that Dominance goes to the 40% level sooner.
Alts market is going parabolic since January 2021 and we see huge gains in the alts market already. Check any altcoin chart and you see a parabolic move without any correction. We expecting a correction in the alt market before the next rally start. We will continue to find TA + FA gems that will give good returns in every situation. Happy Earning 😊
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update 04/24/2021
Fear & Greed Index is now at fear zone. The last month and week has extreme greed and that is one of the reason for the correction. Now the Fear & Greed index is reset and we may see some accumulation here. Strong hands holding and buying more while inexperience traders selling in panic.