Bitcoin dominance aka the btc.d chart has been in these 2 rising channels now for a long long tie, after ust recently being rejected down fro the top trendline of the neon yellow channel, there seems to be an opportunity here for it to potentially head down to retest the bottom trendline of that channel as well. If this occurs this could lead to an altcoin season. Price is right now combating the 50ma(in orange) and trying to maintain it as support. If this moving average flips to solidified resistance that greatly increases the chances of price going down to retest that bottom yellow trendline. Being that both of these channels are rising channels probability favors price action eventually breaking down from them instead of up so I have arbitrarily placed the measure move break down target of the yellow channel in a random spot below roughly where price could break down from the channel were it to be rejected strongly enough here by the 50ma. It’s retested this bottom trendline multiple times in the past and has always found away to avoid the breakdown thus far though so a breakdown there is definitely not guaranteed if it does retest the trendline, but even heading back down to retest the trendline in the first place may provide enough momentum for an alt season *not financial advice*
Note
Bitcoin dominance has flipped the 50ma to solid resistance and has now also lost the support of the yellow 100ma which bodes well for the probability of an altseason.Note
We’ve now flipped the 200ma to resistance as well and are already sending a sizable candle below the bottom trendline of the yellow rising channel. Flipping that bottom trendline to solidified resitance should confirm the breakdown of the channel in which case the breakdown target is around 58%. Spending enough candle closes in that 58% region would likely also flip the larger green channel’s bottom trendline to resistance as well in which case we could trigger the green channels breakdown taking us to an even lower breakdown target. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.