Returning to the picture of BTC dominance - since yesterday, altcoins have several local positives.
First of all, an important support level of 58.08% has been broken again. Although dominance is currently trying to recover above it.
Secondly, what is more important - dominance has fallen into a stable downtrend on the 3-hour timeframe (there was a fall into a downtrend on the 2-hour timeframe yesterday). With targets up to 56.73%. The uptrend on the 4-hour timeframe is being maintained and remains the only one among all older timeframes. To further lower dominance, it is extremely important to break it, otherwise we may see a reversal.
Thirdly, during the day, another 16 assets from the TOP-200 have transitioned into a stable uptrend on the 2-hour timeframe (yesterday, 4 transitioned. For Tuesday - 20).
For now, we tend to consider this exclusively a local positive because on the 3-day timeframe, the dominance has a strong signal of potential lows. Plus, there are two low marks on the weekly timeframe.
Considering how altcoins look on older timeframes (many have high marks on the weekly timeframe) and with the uncertainty of #BTC itself after the manipulative Sunday dump - this is concerning.
IT IS VERY important that there are already three potential high marks on the weekly timeframe for:
- TOTAL (dominance of the entire cryptocurrency market),
- TOTAL2 (dominance of the cryptocurrency market excluding BTC),
- TOTAL3 (dominance of the cryptocurrency market excluding BTC and ETH).
At the same time, if TOTAL is in the process of executing a giant "Cup with Handle", then TOTAL2 and TOTAL3 have just formed it and are only trying to start.
In general, although such marks in history have been "blurred" by the range (visible in the screenshots) - these are dangerous signals for bulls. Perhaps we are facing a negative September. I would like to be optimistic and see a normal execution of the end of summer - the beginning of autumn of the last year of the cycle. But the risks from technical signals need to be taken into account.
Currently, these metrics are additional reasons why we, having a losing long position on #BTC on #Binance, are not in a hurry to enter new longs after the liquidations on #Bybit and #BingX. There is still too much uncertainty even to try to catch a bounce. There is a long position for which the task is to close it as profitably as possible, without having any hard signals for a continuation of the decline. And that’s all for now.
