#BTC DOMINANCE Analysis 10/17/2024
It is truly unbelievable how persistent#BITCOINDominance is here even after being at the top for so long. This is disastrous for most#altcoinsthat are already almost at their closest supports.
See that in April we had the same price action and a bounce after 2 months, and now we have had 2 months of lateralization and a new bounce (again).
The red band on the chart continues to be the key resistance here, and right now we are at its extreme, this is one of the reasons why I am so optimistic about altcoins and buying in these dips that we are having. I know that many are waiting for it to deviate from this channel, but basically it will not make much difference and we will have to fall, there is nowhere else to go.
As long as dominance remains so high, Altcoins will continue to struggle to rise, and it doesn't really matter what the price of BTC is at the moment. If you want to see Altcoins soaring, then dominance has to fall, otherwise we'll only see small jumps or not even that.
The higher this rises, the bigger the fall and then the bigger the rise of Altcoins. There's not much to say here, we all know that large institutions are desperately buying BTC and that's why it's so close to the ATH, so the dominance at this percentage is understandable. Of course, it wasn't exactly what we wanted, but that's okay... it gives us an opportunity in good Altcoins.
If you're not in Altcoins, you'll regret it bitterly as soon as this starts to fall to the first blue circle on the chart, at 56% and then to 48%.
Your time to get in is running out...
I'M BULLISH ON ALTCOINS, BUY!
