BTC Dominance Update - Alt season confirmed ?#BTC.D #Analysis
Description
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+ Bitcoin dominance (BTC.D) has surged to a local high amid a sharp decline in altcoins, driven by recent recession fears. This rise in dominance has brought BTC.D close to a significant resistance level, a key area to watch for the potential start of an alt season.
+ The current BTC dominance is hovering around 57%, near a major resistance line. Historically, a rejection at this level has been crucial for the onset of alt season, where altcoins outperform Bitcoin.
+ Looking at past trends, alt season has typically followed a rejection of BTC dominance from this resistance. If history repeats itself, a pullback from this level could signal the beginning of a strong altcoin rally.
+ Should BTC dominance begin to decline, the next significant support level is around 40%. A move towards this support could trigger a substantial shift in market dynamics, favoring altcoins.
+ A downward trend in BTC dominance from current levels would likely fuel a major alt season, as capital flows out of Bitcoin and into altcoins. This scenario could present significant opportunities for traders focusing on the altcoin market.
Conclusion:
BTC dominance is at a critical juncture, with its proximity to a key resistance level potentially setting the stage for the next alt season. A rejection at this resistance could lead to a decline in dominance towards the 40% support, igniting a robust rally in altcoins.
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ALTS
We are due a 2017 style ALT season.One for the memory banks!
Now
do we actually get what we are "owed" ?? :)
We don't know
and nothing is owed to us of couurse
But
Selling too soon could be quite disastrous... as many peopleI speak to say to me 5X - 10X I am out..
Which may be prudent
If you are out. Stay out and don't FOMO back in again near the tops
So it's best to scale out in my opinion
last cycle was a quite difficult Alt season ... some bag holders actually did not get to experience any euphoria
Hence why I am leaning to an exsplosive alt season
BTC at $70k doesn't feel euphoric
so what will it take?
$ONDO going bananas!ONDO retested its higher timeframe demand, only to run it back full speed.
ONDO is now up 48% today! This one recover strong on this bounce.
Interesting chart on ONDO, $0.62 to $0.57 seems like a good area to bid and a perfect zone to attempt a swing if it holds this support
It is backed by Coinbase and Pantera, does business with Blackrock itself (the King of RWA!)
Ethereum : WHALES sell, RE-Accumulation Phase NOWIt's made headlines that large whale wallets have sold off large chucks, driving the price of ETH down by over 35% in only a few days.
We see a yearly low in the daily RSI, as well as an "Oversold" flash on the Technical indicator.
The good news, is that this will give buyers a few weeks to re-accumulate ETH before the next impulse wave up starts:
For the short term, the price will likely continue to trade down the lower Bollinger Bands until the sell-off is over. Retail is catching on to the sell off, so it's likely we'll see wicky price action as this kind of volume will be attractive for algo trading.
For the SHORT and NEAR term I am bearish, but for the NEAR to LONG term I remain bullish that another impulse wave up is next.
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BINANCE:ETHUSDT
WATCH OUT: Ship SINKS for KUJI (-80%)KUJIUSDT has lost 80% in two weeks, losing exponentially more than the rest of the altcoin market. It continues to make lower lows and the price is now in price-discovery mode... but to the low side.
However, if you are interested in buying KUJI (for your own personal reasons) at this low price- I'm going to show you a strategy on how to find price levels to set your buying orders on.
If you're getting negative values on your Bbands, try switching up the timeframe. It is NOT because the Bollinger bands are broken, but because the price is trading lower than it's opening price and is already in the decimals. Strong selling volume will push the Bbands to expand wide. This indicated the price will likely fall even lower.
Take extreme caution!
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MEXC:KUJIUSDT
BULLISH Altcoins NOW: Final SHAKEOUT CompilationWe're seeing what could be the final shakeout across the entire altcoin market. This drain of liquidity will likely go into Bitcoin to propel the next impulse wave up, after which the money rotates BACK into alts for Altseason2.0.
We're spotting multiple bottom patterns across the altcoin markets such as inverse head and shoulders and W-bottom patterns.
1) FLOW
2) RNDR
3) SOLANA
4) LINK
5) ETH
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I'll keep adding to the list over the next few days as there are MANY more. FOLLOW for alerts!
Total 3: Alts about to see fresh lows, then real bull run startsI sold out of all of my crypto yesterday because when I looked at the chart, I realized that we've started the final selloff before the real bull run begins.
As you can see from the chart, after the run in 2021-2022 we've been in the process of correcting.
It's my view that this year's run was corrective, not impulsive like many are thinking-- and that altcoins will hit new lows by the end of 2022.
I've shared a lot of bullish altcoin charts recently, but I've changed my view and am not bullish anymore. I don't think we'll see large bounces, I think it's going to be a rather quick path to new lows. Lows that you didn't even think were possible. This will be the greatest buying opp to exist in crypto and because most people are about to hold alts all the way down, they won't have any cash left to buy the bottom.
It's going to make people never want to invest in crypto again because this last move will be one of the biggest fakeouts in crypto and people will lose a lot of money.
However, after we hit the support levels on the chart, it'll present the greatest buying opp of any cycle. I think we go from ~200B to $2.5-4B when this next run starts.
I think we'll bottom before 2024 ends. The next cycle will go until the end of 2026.
Get prepared...
AIRDAO on the comeback trail?This S coin has undergone a rebrand it seems , a main-net release?
I don't know, I rarely dive into the fundamentals of a project... whilst a narrative is nice
and sector rotation is a thing
the age of the ALT coin and any the state of the community / marketing are generally the most important.
Which is all told in the price action of the charts anyway! :)
Supply/demand ---> support/resistance ---> accumulation/distribution
anyway as this chart shows there may be life in this old dog of a S coin.
And it is currently in a low risk (USD) entry zone.
(Don't forget to keep a Moonbag in these S coins as you take profits ... as you never know if it will be blessed this cycle with extreme out performance)
JTO : Take CAUTION - RSI Topout LikelyBINANCE:JTOUSDT
The RSI reacts different on every chart, which is often the case with technical indicators. This is also why we advise to find one or two, and learn how they respond on your favorite charts. If you swop around between technical indicators too frequently, you will miss key insights such as these.
The charts says bullish for three main reasons :
👉 Bottom out pattern
👉 Higher lows
👉 Hot RSI
Two playouts likely for JTO, but for NEAR / LONG term I will label it as BULLISH. Personally using leverage here is too risky for my taste but then again, I favor a modest and low-risk approach.
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Crypto Altcoin Marketcap Altcoins have not been preforming well over the last few months.
They have been consolidating in a downward wedge. It is time for altcoins to takeoff to new all time highs.
If altcoins breakout of this wedge than we can see a big move to the upside over the next 8-12 months.
Why I say SHIBA INCREASE is CLOSE We'll take a look at a few methods of chart analysis that ultimately says a Shiba Inu increase season is on the horizon.
✅ RSI
The RSI has been fair to low for an extended period of time. We also observe a bottom out on the RSI where an all time low is observed for the year, likely indicating the bottom is in:
✅ V-Shape Recovery
A strong V-Shaped recovery is observed in the 4h, indicating buyers were ready to scoop up lower prices:
So what are we waiting for?
👉 Technical Indicator
In order to send SHIB, we will first need to see the price close ABOVE the trendline, at which point a "BUY" alert will go off:
What would invalidate my bullish sentiment, is IF the price is unable to et back above the trendline pointed out above on the technical indicator, and IF we lost the higher lows:
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BINANCE:SHIBUSDT
Total 3 Analysis & name your altSimilar to Bitcoin, altcoins also began a correction in March.
Although this correction has been steeper, it remains a correction. After breaking below the 600B support, the total altcoin market found support around 500B and is now trading back above 600B, suggesting a false break.
The confluence of falling line resistance and horizontal resistance around 650B indicates that a break above this level should accelerate gains for the total altcoin market and potentially lead to a retest of the previous high.
In a more optimistic scenario, if Bitcoin heads towards 100k, we could even see a 1T market cap for altcoins.
P.S. I see a lot of altcoins with great potential. Would you like me to look into any specific ones for you?
Regards!
Mihai Iacob
Balla is still Bullish on BITCOIN. Cup & Handle pattern. The trend is still our friend.
I still see bullish developments in the price action.
We must have patience.
Dips still must be bought.
The plan hasn't changed.
We still aiming for that time period of 9 -15 months post #BTC Halving.
We are only one month down :)
Why ALTSEASON 2.0 is HEREIf you've been following for a wile, you'll know I've been speaking of Elliot Wave theory and cycles - and how, from a macro perspective, we are currently in a multi-month correction before another impulse wave up.
By looking at the TOTAL3 chart, as discussed in the video, it seems likely that this may only be the BEGINNING for altcoins... and you'll see why.
Even though multi-month corrections can be demotivating, patience rewards the faithful!
Check out yesterday's analysis on Altcoins that are strong right now despite the recent dip:
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CRYPTOCAP:TOTAL3
A Case Study: 5t Altcoin MarketGood evening lads,
I've been working on this chart for a little while, and as much as I believe it's not done yet, I wanted to share it with you guys.
Maybe you can spot something that I haven't yet and it'll allow me to adjust it.
I believe this next move up will impress a lot of people, and we might see a 5t alts market within the next year.
Fingers crossed cause this would bring a lot of profits!
Trade thirsty, my friends!
DOGECOIN #DOGE Still The ALTCOIN KING And can charge to $1And Can lead the way for the rest of the #ALTS.
We have had some nice action by the bulls Already on dode
But like much of the altcoins have been dragged back down
YET higher lows are in place
and we see some symmetry in the price action in a bowling out fashion
IT would not surprise me in the least if DOGE were to make a new ATH this cycle.
Which doesn't sound like much of a feat ... but as any seasoned crypto speculator knows
nearly ALL altcoins essentially dies and fade away.
So making new highs every cycle puts DOGE in a elite club of coins.
OPUSDT - Altcoin with GOOD UPSIDE Potential (Wyckoff)Using the Wyckoff Method has always been my go-to strategy when looking for buy's. The theory behind it is that basically the market goes up, down, sideways, and up again etc. You can dive into more detail by taking a look at volume and trendlines, but for today's analysis we'll keep it simple and focus on the good upside potential for OP.
The above clearly shows an excellent Elliot Wave Theory playout - 5 impulse waves up and the following three corrective waves - indicating the bottom is close.
The above is classic Wyckoff Method Theory together with the emotions at each phase. OP, according to the above, is very close to bottoming out - in other words, a great place for accumulation. During the previous phase, the price increased over 400% over the course of a few months. If you have the patience, it can be a great increase.
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BINANCE:OPUSDT
Altcoins Warming Up! Here Are Some Picks.Traders,
We knew it was coming. We knew alts were nearing their bottom and would heat up soon. We knew we would start to make and take massive profits like we did on one of our trade exits today (+64%). WE DID NOT KNOW THAT AN ASSASSINATION ATTEMPT ON FORMER PRESIDENT TRUMP WOULD START IT ALL. But this appears to be exactly what happened because prior to the attempt the former president had been vocalizing full support of Bitcoin and crypto. The big dawg (BTC) has led the pack strongly and I believe we are just beginning to see the start of our second leg up in the altcoin space.
In tonight’s video, I am going to cover the current hottest alt and meme coins in the list that I track. We’ll do some quick technical analysis and I’ll give you some possible entry points and strategies as well as some final targets for swing trades.
Paid subs, know that in the future I will probably be picking up one or two of these coins. Also, should my proprietary indicator continue its current success rate, I may share a special post about what this is and how I utilize it. Be on the lookout for these future posts and more. Enjoy this week’s video on a few of the hottest altcoins for this mid-July.
AVAX - BUY ZONE Tested, Onwards and UPwards!Is the AVAX correction finally over?
If you've been following, you'll know that we were early bullish on AVAX, since DEC 2023:
And then again early 2024:
After losing 66% from ATH, Avax has bounces successfully from the identified buy-back zone (hope you didn't miss it!)
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BINANCE:AVAXUSDT