BTC Dominance fall triggered!!

16. Aug. 2021

Bitcoins dominance is coming down at pretty fast rate and we are passing multiple important supports that we needed to breakthrough, as you can see with my path drawing i hit it pretty accurate with the 1-2-3 move to the downside i just had the timing/timeframe a bit off. We have pushed through multiple supports and we are now passing a very important one which is longer ranging support and aswell as the S1, a breakdown and hold below this level for daily close is key, also as dominance falls we notice altcoins really starting to takeoff with multiple today already putting out %'s in the teens! The bollinger bands looks good in this situation and keep in mind i would like to see dominance fall because we tend to see explosive altseasons follow, our price action is riding the bottom band and if we keep this up we could really see a bigger further fall. We have a very light support at the 43.32% we could see a drop to here but my guess is that we are going to end up at the 41.57% level or the S2, these levels are much stronger and give us a good chance to catch a bounce, also keep in mind that in 2018 the altseason drove BTC's dominance just a bit lower than 35% and if thats the same case for this year we have a big drop still and even more explosions coming from the altcoins! Looking at the MACD we are seeing very bearish separation within the MA's, the blue MA is taking off from the orange pointing towards the ground, the more separation we see the more bearish momentum which in this case is positive for the altcoin market. The histogram is continuing to push out bigger red bars and the bear momentum is becoming greater! Not financial advice just my opinion!