We all have been facing a very strong bullish trend of Bitcoin dominance over the altcoins since April to Sep 2019.
The Bitcoin investors have been enjoying the situation and altcoins investors have been suffering with great losses.
Now the Market Cap BTC Dominance has hit the resistance at 72.83 which is not broken since July 2017 and likely to fail in breaking out.
Volume profile since july 2017 upto now is showing less interest of traders at resistance level and volume profile since july 2017 upto now is showing less interest of traders below this support level.
The RSI is overbought.
Stochastic has given bear cross from overbought zone.
MACD turned strong bearish.
Lagging span of Ichimoku is also moving down and we have a cloud support almost at 61.35.
And we have a strong price level support at 53.17 which is not broken since Sep 2018.
If the price action may fails to breakdown the Ichimoku cloud support then we might have a sideways trend and during this we may enjoy the altcoins season but the real altcoin season depends on breaking down this ichimoku bullish could support and then 53.17 level support.
So Now the fear factor in trading altcoins should be decreased if you are trading altcoins with right strategy then Bitcoin cannot ruin your party it does't matter BTC price moves up or down unless the BTC.D does not take bounce form the support or the indicators again turn bullish. This is the right time to trade the alts without fear.
I have shared the above chart with complete details on tradingview and on youtube on 12 Oct 2019 you can also watch there the links are shared below
Regards,
Atif Akbar (moon333)
Important links:
https://www.tradingview.com/gopro/?share_your_love=moon333
https://www.youtube.com/moon333
https://m.facebook.com/Moontriple3
https://twitter.com/moon33367268705
https://t.me/moontripple3
https://www.binance.com/en?ref=11256882