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Important Market update as $BTC Rises above 90k... We`ll discuss 4 important charts in this update
No.1: Bitcoin Dominance Chart... BTC dominance has been in uptrend since September 2022... The target for order block from March 2021 has been achieved recently + Fib golden level of 61.80% is also in... I`m expecting a pullback at this point because:
(i) Bitcoin is overbought
(ii) Alts need to catch up
No.2: Altcoins dominance Chart... The dominance chart for altcoins shows that a breakout will soon happen... After analyzing the BTC dominance chart we can say that the breakout will occur on the upside because:
(i) Altcoins are lagging and need to catch up with bitcoin
(ii) We didn't experience an altseason for a long time
No.3: USDT Dominance chart... For those who don't know the purpose of the USDT dominance chart, when someone sells their cryptocurrencies and converts them into USDT, USDT dominance increases, and when investors move their funds out of USDT and back into cryptocurrencies like Bitcoin, Ethereum, etc., USDT dominance decreases. In the chart, we can see that the dominance is resting on a trendline, and in correlation with other charts it should breakout on the downside into the box which will give the altcoins enough time to pump.
No.4: $FTT Chart... most of them would have no idea why I included this chart, but I believe it is crucial. When Bitcoin and FTT pump, the whole crypto market is likely to pump. Conversely, if Bitcoin pumps and FTT dumps, the whole crypto market might dump. That's mainly because coins with weak fundamentals are in the market to manipulate new traders...IYKYK. Watch out for the breakout
No.1: Bitcoin Dominance Chart... BTC dominance has been in uptrend since September 2022... The target for order block from March 2021 has been achieved recently + Fib golden level of 61.80% is also in... I`m expecting a pullback at this point because:
(i) Bitcoin is overbought
(ii) Alts need to catch up
No.2: Altcoins dominance Chart... The dominance chart for altcoins shows that a breakout will soon happen... After analyzing the BTC dominance chart we can say that the breakout will occur on the upside because:
(i) Altcoins are lagging and need to catch up with bitcoin
(ii) We didn't experience an altseason for a long time
No.3: USDT Dominance chart... For those who don't know the purpose of the USDT dominance chart, when someone sells their cryptocurrencies and converts them into USDT, USDT dominance increases, and when investors move their funds out of USDT and back into cryptocurrencies like Bitcoin, Ethereum, etc., USDT dominance decreases. In the chart, we can see that the dominance is resting on a trendline, and in correlation with other charts it should breakout on the downside into the box which will give the altcoins enough time to pump.
No.4: $FTT Chart... most of them would have no idea why I included this chart, but I believe it is crucial. When Bitcoin and FTT pump, the whole crypto market is likely to pump. Conversely, if Bitcoin pumps and FTT dumps, the whole crypto market might dump. That's mainly because coins with weak fundamentals are in the market to manipulate new traders...IYKYK. Watch out for the breakout
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