Alt season has not started yet. Probably it is about to start.
The red lines mark important 2021 support levels for BTC dominance (Blue line).
Purple line is the alt coin dominance.
Black line is the BTC price in USD.
It would be easy to jump to the conclusion that ALT coin season is starting, upon this chart, because the critical support level on BTC Dominance, from 2021, has been broken. Nevertheless a warning:
Warning: Alt coin season truly depends on BTC price going up. If BTC price drops marking the end of the cycle, so it is for Alt coins too. It would be over. Therefore, one must keep a careful eye on BTC/USD price action, to ensure not to fall into a bull trap!
FED cut rates impact: I expect Sept. 17th, to be bearish on the FED cutting rates, for a short time. This would be a "Buy the rumors, sell the news" type of event. I think, but I may be wrong of course.
However, in the middle term (Oct-December) it wold mark the last bull run of this cycle, for everyone, alts and BTC, hopefully.
Disclaimer: this is not a financial advice. Do your own research. I own several cryptocurrencies and this idea and plot represents only my mere opinion. I hold no responsibilities for misinterpretations from this material.
The red lines mark important 2021 support levels for BTC dominance (Blue line).
Purple line is the alt coin dominance.
Black line is the BTC price in USD.
It would be easy to jump to the conclusion that ALT coin season is starting, upon this chart, because the critical support level on BTC Dominance, from 2021, has been broken. Nevertheless a warning:
Warning: Alt coin season truly depends on BTC price going up. If BTC price drops marking the end of the cycle, so it is for Alt coins too. It would be over. Therefore, one must keep a careful eye on BTC/USD price action, to ensure not to fall into a bull trap!
FED cut rates impact: I expect Sept. 17th, to be bearish on the FED cutting rates, for a short time. This would be a "Buy the rumors, sell the news" type of event. I think, but I may be wrong of course.
However, in the middle term (Oct-December) it wold mark the last bull run of this cycle, for everyone, alts and BTC, hopefully.
Disclaimer: this is not a financial advice. Do your own research. I own several cryptocurrencies and this idea and plot represents only my mere opinion. I hold no responsibilities for misinterpretations from this material.
Trade active
BTC Dominance didn't fall beyond the support level, yet. It is likely Dominance will go up during the rest of October. Furthermore, FED interest rate decision today, may fuel capital rotation towards riskier assets like crypto. However, the immediate impact is always more volatility, so trade with caution.Overall: the plan is on track. BTC.D must pivot and cross below the red line resistance. Until then, I don't see any ALT-season happening yet. We wait.
Good luck everyone!
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.
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.