$BTC Analysis. D 11/29/2024
DOMINANCE of #BTC , this is another one of those charts that we don't see very often, maybe that's why most people get lost with such simple and predictable movements of Bitcoin and #altcoin
It's been a little over a month since I posted about this, it's clear (by the gray box I made just above the red band, that we had a long period of deviation from this channel that we had been faithfully following since MARCH 2023.
This deviation that took dominance to the 61.55% region was really annoying and costly for Altcoins, of course it is explained by the FOMO that we had and still have from large institutions for BITCOIN. However, such high dominance for so long is obviously unsustainable and we started to fall quickly. Note here that the fall is being fast, and obviously the Altcoins are rising rapidly and continue to break their long-standing bearish structures.
The level just below is where I'm looking (57%), Why? Simple, if we have a clean break of this level, then we won't need to do any bearish retests at 59.6%, which would give strength to the altcoins to continue rising without necessarily needing to make a bigger pullback.
If we don't achieve this, then a dominance bounce to those levels is more likely and would cause a pullback in the altcoins, notice that I said REDUCE and not CORRECTION. However, I'm inclined to think that we can make a clean break of this level just below and continue with a good performance of the altcoins, without needing a pullback.
Gentlemen, prepare your wallets, I warned you last month that YOU SHOULD BUY good Altcoins, if you didn't do that, I'm sorry...you're out of the party!
I AM EXTREMELY BULLY ON ALTCOINS!
