- Zooming out a bit here on the dominance chart looking at the 2-day timeframe, you can't really grasp the entirety of the Bitcoin Dominance if you're looking at a 1H chart, this doesn't work like that
- Ok i've done multiple breakdowns before with this same chart, but I enjoy updating this chart every once in a while for you guys and me to look at.
- After the altcoin season in 2017, the BTC dominance ratio dropped to a record low of 35.75% and I drew a line of support there as well as an uptrend connecting from the swing low of that move to the next swing low.
- Finally two years later since I've had this line drawn out and the ratio peaked at around 72%, the 3rd point confirming the uptrend finally came into play and touched the top of the trend.
- These next few weeks are going to tell us now if we're having an altcoin season this year or just being teased again.
- Are we going to see Bitcoin dominance spike back up and see a new inflow of money into BTC instead of an altcoin season? kinda unlikely now, as the general trend on the 2-Day is bearish. Bearish as in decreasing % dom. not Bitcoin going down in price
- I believe BTC will still rise in price but these altcoins more specifically DeFi projects such as LEND, KNC, KAVA, MKR, COMP, OMG (just to name a few) will and already are leading this altcoin season.
- This trend line should break and we could see another 2017 altcoin season here pretty soon. The hype of the 2017 altcoin season is definitely here with exchanges like Binance & BitMEX putting out record numbers of users per month.
As always please do your own research, I am not a financial advisor.
