Alt-coin market is about to boomOver the months this 3-day chart has been very powerful for me. Think it is about time I shared it.
Over the last several weeks I’ve been selling my Bitcoin into various Alt-coin positions. It almost does not matter which, a rising tide lifts all boats to coin a phrase. My reasons for doing so is almost exclusively because of the this chart. Take time to study it.
This chart is showing you the ratio in dominance between Bitcoin and Alt-coins. So what’s going on?
1) Dominance between Bitcoin and alt-coins has been exchanging support and resistance in the above channel (between the orange lines).
2) Price action at the bottom of the channel is a superb time to get exposure to alt-coins.
3) Price action at the top of the channel was a superb time to sell those Alt-coins into BTC.
4) 204 days - peak to peak was 204 days in Alt-coin market tops. I don’t know why. The next peak in Alt-coins in Bitcoin terms is around Mid-June.
5) We can see Alt-coin dominance is about to test the 21-week moving average (green line), probably after Bitcoin makes another move up above $20k.
6) The ‘Oversold / incredible buy’ condition (orange column) on the above 3-day chart tells us we are at the bottom.
7) Money Flow Index (MFI - bottom oscillator) resistance was recently broken.
Questions? Just ask below ;)
