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The Bitcoin dominance is getting closer to a dangerous level
🕑 Added 2021-01-02 00:41:34 +0000 UTCIf you look at this weekly chart BTC.D has been bouncing below the 72% market cap dominance since the last collapse in 2017.
We are just at 71.45% and dangerously approaching this historic level of resistance.
But what could it happen if it reacted in a similar way as it’s been doing in the last 3 years.
There’s a chance we break the resistance and overextend to higher levels of dominance....or if we do what we normally do, then we would bounce it causing BTC to have a “decent” correction (20 to 30%).
Alt coin season should start only once btc dominance leaves some room for other coins to take a portion of the market cap.
Actions to mitigate the risks of the market turn? Well I won’t be trading any more btc until we go to more sane levels of dominance below 65 ideally.
