Today for the Bitcoin price Wow this is the weekly chart of the Bitcoin dominance here towards the altcoins and a few weeks ago the big dominance here fell off a cliff and is surging to the downside
And the question everyone is asking right now is of course is the Altcoin season starting much earlier than expected you can see the crazy outcome gains here on coin marketCap well we want to address that question and we want to revisit one of the most important charts when it comes to the bitcoin and altcoin seasons and this is the Bitcoin and Altcoin cap.
What is going on right now for the Bitcoin or altcoin season for sure guys this will be different but very important.
source : twitter.com/willy woo
we are really pumped to go straight into the content so we are here on the weekly for the bitcoin dominance and towards the altcoins and as you can see Bitcoin was stretchy and the symmetrical triangle and we broke it through the downside so of course it's a very legit question to ask whether the altcoin season has started especially looking towards these things here I can surging 50% high.
why bitcoin is consolidating or even going down well it's a very very important question to ask first of all before we go into these mind-blowing statistics guys we have to tell you we want to answer whether Bitcoin already broke this trend here with a symmetrical triangle well the most important thing to look at is actually the long-term trend here and no matter if you connect the wicks or the body bottoms the trend is not broken yet and please guys very important don't use the logarithmic chart this is in percentage terms we don't need to a rhythmic chart if you were to use the logarithmic chart Pitkin broke the trend but on a percentage scale you don't use the logarithmic scale of course no we didn't break it yet
But the question is will a bit contracted will the altcoins actually continue gaining momentum and the bitcoin dominance will go down and the altcoins will actually search even more
Bitcoin cap which results in a 33% pick on dominance approximately and here on the downside that's 14% which is a 14% altcoin dominance and a 86% Bitcoin dominance well the most important thing though is he on the downside and that's the weekly RSI of the Altcoin cap towards the Bitcoin cap and you can see every single time the weekly RSI of the altcoin current cap towards the Bitcoin cap was below 30 right here then in that exact moment it was a buying signal and the altcoins afterwards gained momentum also here that was at the end of 2016 also here at the end of 2016 beginning 2017 you see the weekly RSI being below 30 meaning the altcoins are overseen towards bitcoin.
