Hello, Skyrexians!
Today we will observe the $BTC dominance. chart, this is the chart which shows the Bitcoin dominance on the crypto market. During last 2 years it has growing slowly, but permanently. It caused to this strange cycle where Bitcoin has broken ATH, while some altcoins set the new low every month. Is this nightmare really finished or altcoins will continue suffering? Let's discuss today.
On the chart you can see weekly time frame which showed two completed altcoin seasons: in 2017 and 2021. Last altseason has started after reaching 0.618 Fibonacci level from the previous altseason. Then we saw the big drop to 40%. Let's notice that this altseason has been started after flashing the signal on Bullish/Bearish Reversal Bar Indicator [Skyrexio]. As always, alerts from this indicator are automatically replicated on my accounts. You can find the information in our article on TradingView.
Currently this indicator has been flashed 2 bearish reversal bars in the 0.61 Fibonacci retracement zone. If today weekly candle closes with this signal and next week there will be the confirmation - 58% breakdown, there is a high chance that real altseason come the market.
Best regards,
Skyrexio Team
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