Alcoins dominance today is touching the support line to the upside, breaking it would not be a good sign for Alcoins
Today I bring you this analysis on the dominance of Alcoins, which was not updated for months since it has been a little more than a year that comes in an upward trend without changes.
Let's see
What has happened to bitcoin these weeks
Bitcoin has corrected two weeks ago, but the alcohols more. But if we analyze the Dominance of Bitcoin, it has formed a Double Bottom and has started to rise. But to the alcoins with few exceptions no.
As we see in the dominance chart while Bitcoin has started an upward cycle, the dominance of alcohols has remained above the support line.
If we analyze in the past we see that there are periods when investors take liquidity from alcohols to increase the price of Bitcoin, that is why the dominance of alcohols decreases
Analyzing the chart we see a break from the support line of Alcoins dominance, a retest to the trend line, and a period to the downside.
Possibilities
Upward
We could see that the dominance of Alcoins continues along its current trend line, revaluing the price of alcohol.
Down
We could see that the dominance of Alcoins break the trend line and retest the line to start a correction.
These periods of rise in the price of Bitcoin, encourage the entry of new capital to the crypto market or are periods of profit taking, which then enhance the increase in alcohol, they are cycles that are repeated throughout the history of the crypto market.
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
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