in light of elsalvador officially passing the bitcoin bill news, and my very reasonable thesis being dramatically invalidated, I took a look at the chart for bitcoin dominance
last week btc.d dived deep into the 2018 low support which it's now bounced off of. I find that deep retraces such as these are generally followed by a steep equivalent up
MFI signaling strong bullish divergence
checking the weekly, it only seems right that we print a bullish engulfing candle as there doesn't seem to be any significant resistance between last week's high and low
volume confirms PA
fundamentals seem to align with PA
regardless of which way btc decides to go, I'm definitely buying $30 worth of btc on tuesday to show support :)
------
What is BTC.D?
bitcoin dominance (BTC.D) is the measure of bitcoin's market cap in relation to the market cap of the rest of the cryptocurrencies
it provides an easy way to find out where the money is in the crypto space
dominance charts can be found for almost every crypto asset
the dominance chart for btc is particularly significant as the entirety of the cryptocurrency space is built off the concept of bitcoin as it pioneers this space. as crypto becomes more widely adopted, new money usually flows from bitcoin first then into alts.
so as we see the market cap of bitcoin decrease/increase, the market cap and price of altcoins tends to follows inversely. BTC.D signals the bringing about or ending 'alt-season'
last week btc.d dived deep into the 2018 low support which it's now bounced off of. I find that deep retraces such as these are generally followed by a steep equivalent up
MFI signaling strong bullish divergence
checking the weekly, it only seems right that we print a bullish engulfing candle as there doesn't seem to be any significant resistance between last week's high and low
volume confirms PA
fundamentals seem to align with PA
regardless of which way btc decides to go, I'm definitely buying $30 worth of btc on tuesday to show support :)
------
What is BTC.D?
bitcoin dominance (BTC.D) is the measure of bitcoin's market cap in relation to the market cap of the rest of the cryptocurrencies
it provides an easy way to find out where the money is in the crypto space
dominance charts can be found for almost every crypto asset
the dominance chart for btc is particularly significant as the entirety of the cryptocurrency space is built off the concept of bitcoin as it pioneers this space. as crypto becomes more widely adopted, new money usually flows from bitcoin first then into alts.
so as we see the market cap of bitcoin decrease/increase, the market cap and price of altcoins tends to follows inversely. BTC.D signals the bringing about or ending 'alt-season'