OP updated with screenshots since the price movement of BTC down to $7.5K. Notably altcoins continue to gain dominance against Bitcoin, since the initial breakdown from the descending triangle. The further Bitcoin corrects, the more it is shedding it's dominance. Looks like blue chip altcoins are fast becoming a Satoshi safe haven...
Bouncing from 0.382 fib retracement, altcoin dominance has broken above the 200 Week MA (29.65%), RSI now left oversold conditions and MACD about to bull cross. "ALT.D" ( 1-BTC .D+99) needs to close the weekly above the 200 MA to remain bullish , but otherwise the risk/reward is there for a trade to the 0.5 fib retracement (49.95%) and resistance level . This would be a trade on the monthly scale on the left with the price bouncing back from the 50 MA to the 20 Month MA (*).
(*) Correction included
The total altcoin market dominance looks healthier which each week that passes, continuing to find support above the 200 Week MA (30.4%) and currently moving above the 21 Week MA at 31.8%. RSI is now leaving the bearish territory (40) while the CMF has nearly made it out the red, continuing to show bullish divergence. Considering the updated outlook of small cap dominance, "blue chip" altcoins may continue to become a Satoshi safe haven, continuing reading.
Smaller cap altcoin dominance is leaving the RSI oversold conditions (of less than 30) this week and is currently reading 31.73. This comes after nearly three months of being oversold after dominance fell below the 200 Week MA. The last time "Other altcoins" dominance spent this long in oversold conditions was at the end of 2015, for two months, before rising from less than a 1% to it's ATH above 15%. Altcoin speculation is coming...
Bullish arguments:
With the death cross (between the 50 & 200 Week MA) appearing on small cap altcoin dominance this week, confirming a long-term bear trend, it's worth tightening any stop losses on any small cap trades due to the possibility of a continued sell of. While the bear cross is a lagging indicator to confirm long-term trends, and the "price" could rally towards it (has often happens in Bitcoin) it's also bearish by default, similar to the flattening of the CMF.
Altcoin Dominance Bouncing From 0.382 Fib Retracement (18/09)
Bouncing from 0.382 fib retracement, altcoin dominance has broken above the 200 Week MA (29.65%), RSI now left oversold conditions and MACD about to bull cross. "ALT.D" ( 1-BTC .D+99) needs to close the weekly above the 200 MA to remain bullish , but otherwise the risk/reward is there for a trade to the 0.5 fib retracement (49.95%) and resistance level . This would be a trade on the monthly scale on the left with the price bouncing back from the 50 MA to the 20 Month MA (*).
(*) Correction included
An Updated Closer Look (24/10)
The total altcoin market dominance looks healthier which each week that passes, continuing to find support above the 200 Week MA (30.4%) and currently moving above the 21 Week MA at 31.8%. RSI is now leaving the bearish territory (40) while the CMF has nearly made it out the red, continuing to show bullish divergence. Considering the updated outlook of small cap dominance, "blue chip" altcoins may continue to become a Satoshi safe haven, continuing reading.
Despite the accuracy, for reference sake I've had to ditch this chart due to CMC re-calculations. As you can see, there is now a big gap that has formed, specifically soon after the chart was published, that's skewing the results despite the dominance already moving in my favor.
Smaller cap altcoin dominance is leaving the RSI oversold conditions (of less than 30) this week and is currently reading 31.73. This comes after nearly three months of being oversold after dominance fell below the 200 Week MA. The last time "Other altcoins" dominance spent this long in oversold conditions was at the end of 2015, for two months, before rising from less than a 1% to it's ATH above 15%. Altcoin speculation is coming...
Bullish arguments:
- RSI leaving oversold conditions
- MACD bullish crossover
- CMF bullish divergence
- Rising volume , 2x from Jan 18
An Updated Closer Look (24/10)
With the death cross (between the 50 & 200 Week MA) appearing on small cap altcoin dominance this week, confirming a long-term bear trend, it's worth tightening any stop losses on any small cap trades due to the possibility of a continued sell of. While the bear cross is a lagging indicator to confirm long-term trends, and the "price" could rally towards it (has often happens in Bitcoin) it's also bearish by default, similar to the flattening of the CMF.