https://www.tradingview.com/i/PvkjNYNo/
Looking at the 2 hour chart I see Bitcoin 2.80% struggling to maintain a bullish trend from the recent bottom at around 6,000. The solid green line represents the support or bottom of the current channel we are in. The solid red line indicates the resistance or the upper limit to the channel we are in. BTC 2.80% needs to keep making higher highs and higher lows to maintain the current channel to reach 10,000 to 12,000 in this current channel. If the chart breaks below the green support line and leaves the channel look for the price to fall to the yellow line at 7,900. This is a medium level of support and could send the price back up.
Looking at the total market capitalization BTC 2.80% is still in a mid correction with its percentage of dominance continuing to fall. All periods of decrease or increase in the BTC 2.80% dominance have been 2 to 5 months give or take a couple of weeks based on the historical charts. Btc 2.80% is only 2 months in to this current reduction of dominance trend. Look for the dominance to continue to fall for another 2 to 6 weeks as the price struggles to reach 12,00 again. Once it does hit 12,000 it will likely retest 6,000 once more before making a new bull run to 100K by year end. Alt coins pushed by ethereum 1.18% will continue to grab percentages of the cap away from bitcoin 2.80% during this time. Look for ethereum 1.18% to grab the overall dominance in the cap in the next 2 months at around 30% +/-. This will be short lived when Bitcoin 2.80% makes its new bull run to 100k the second half of the year. Money will leave alt coins during this time as BTC 2.80% hits 60% market cap or higher during this time.
This is not financial advice just my opinion on how the markets will move the next few months. Be cautious in this market correction as it looks to be hanging around a bit longer then anticipated. Rest assured Bitcoin 2.80% will resume its bullish trend in the next 2 months and hit eye opening all time highs by year end. Good Luck and HODL now more then ever it will be worth it by 12/1/18.
