BTC Price VS Dominance Update. Gearing for Altcoins Rally
BTC price is making a symmetrical triangle formation while a descending triangle on the dominance chart.
In the long run, btc is expected to make a run higher due to this formation, but we may have a run of lows as well but i wouldnt expect btc to break below the 28k lows, if that happens we are eyeing a move down to 24k.
Dominance chart also prints a descending triangle which i would expect a breakdown so money can flow into alts and wouldnt matter if btc price rallies back to supply or ranges then, while the dominance is making lows and btc making highs it simply shows the weakness in the btc price and a likelihood of further correction,
i think the interim high for btc is in even though i expect a new high to be printed.
In the long run, btc is expected to make a run higher due to this formation, but we may have a run of lows as well but i wouldnt expect btc to break below the 28k lows, if that happens we are eyeing a move down to 24k.
Dominance chart also prints a descending triangle which i would expect a breakdown so money can flow into alts and wouldnt matter if btc price rallies back to supply or ranges then, while the dominance is making lows and btc making highs it simply shows the weakness in the btc price and a likelihood of further correction,
i think the interim high for btc is in even though i expect a new high to be printed.