Bitcoin dominance resistance
Hello!
Few noticements here.
We can see from the top chart that BTC Dominance has hit 3 times to this trendline before (yellow) and got rejected and also hit 3 times to this 200ema (red) where the BTC'D has turned around. There is some resistance.
This doesn't straight mean that BTC is going to drop because BTC Dominance is compared to money on alts but it is an possibility that money is going to flow more on alts or away from BTC.
There is some correlations like we can see from 25 of march 2019 and now 28 of september 2020.
Also BTC has risen 93% in 1,5 months (not the first time) from octobers start and is really close to all time highs. I think there is alot of resistance from here to 20k but we'll see what happens.
I don't remember who said it but "markets tend to trend longer than is sustainable" (FOMO, Creed, Trend traders..)
For long term I'm bullish.
If you do trade. Long or short always use stop loss and small enough positions! (use hard stop loss)
1st mistake beginner traders do is taking too big risks.
-Jebu
Few noticements here.
We can see from the top chart that BTC Dominance has hit 3 times to this trendline before (yellow) and got rejected and also hit 3 times to this 200ema (red) where the BTC'D has turned around. There is some resistance.
This doesn't straight mean that BTC is going to drop because BTC Dominance is compared to money on alts but it is an possibility that money is going to flow more on alts or away from BTC.
There is some correlations like we can see from 25 of march 2019 and now 28 of september 2020.
Also BTC has risen 93% in 1,5 months (not the first time) from octobers start and is really close to all time highs. I think there is alot of resistance from here to 20k but we'll see what happens.
I don't remember who said it but "markets tend to trend longer than is sustainable" (FOMO, Creed, Trend traders..)
For long term I'm bullish.
If you do trade. Long or short always use stop loss and small enough positions! (use hard stop loss)
1st mistake beginner traders do is taking too big risks.
-Jebu
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