ALT Dominance (Prj.Y19.P02).Further Downtrend

1 באוק׳ 2019

ALTs often lose more ground in a down trend than BTC and in this case we see a downward channel.

Observations:
> It has hit a resistance, upper part of the channel and key resistance line
> It past a critical point (0.786 fib retracement), indicating BEARISH'ness


Thoughts:
Expect a slower decent while we have this BTC consolidation at the 7K to 8K range.
Yes, we will see BTC not going past 9.3K and that's being were to be very bullish at this time

Hence if you compare BTC dominance and ALT dominance you will see the confluence in the trend.
An example here is ETH\BTC chart (pairing)


WEEKLY Chart



BTC dominance chart.