@astronomer_zero It seems you’re overthinking this. We’ve just had a fake breakout and are about to take out the liquidity below the recent low. In the end, all those traders using the channel will turn out to be at least partially right.
@ChartingGuy Bro, will you admit that July top was just another speculation? It is hard to predict such things no matter are you using astrology or not.
BTC.D is as good as topped.
I get asked allll the time about "wen dominance drop.... wen alt szn"
From my perspective, this is how I see BTC.D right now.
This is a pretty large range that begun in July 2017 and holding form still today.
At this stage in the cycle, I would not expect BTC.D to break thing range.
If we were at an earlier stage in the cycle, sure, we could still push past this range...
But BTC is about to undergo its final expansion phase of this cycle, and statistically speaking, this phase is where its dominance begins to decline, not push higher.
This is evident in the ETH/BTC chart and ETH.D chart that I have shared several times recently.
Both these charts have begun their respective reversals, and thus provide very strong confluence that paints a pretty clear picture for 65% being a highly probable top for BTC.D.
Another important thing I have highlighted here is just how fast Dominance drops once it does.
It can spend years building up... this cycle it has been consistently rising for almost 3 years.
Only to bottom out from peak to bottom in 4 months!
You can see on the chart approximately how this would look, albeit I have just laid over the fractal from 2021. This cycle will of course have its differences.
But regardless of how fast it gets there, I have a bottom target for BTC.D at 42%.
This also aligns with the Weekly FVG.
Structurally and statistically, this prediction holds strong weight and until proven otherwise, this range will play out like this imo.
TLDR:
It is very close. Any rise here in dominance will be short lived and not have too much of an effect on the wider market.
Alt outperformance is next on the cards.
#Bitcoin aggregated funding rates.
Nothing really frothy for now (we are at the blue line level).
See how funding spiked for previous Bitcoin local tops (purple boxes) - I will be looking for similar funding behaviour to see when things are overheating.
#btc $btc
@Doctor_Magic_ You've been very toxic, calling those who think differently degenerates, and after all this time you're upset that people have responded to you in the same way.
Capo just updated his #Bitcoin analysis. 👀
All of you who took his advice at 65K in 2021 how are you feeling. All of you who took his advice at 16K in 2022 how are you?
Let's see about those following his advice now. I will come back to you. 😂
There is always a risk don't get me wrong. But if you listen to people with a bad track record, you are actually the one to blame.
Just look at my pinned post in my profile. Nuff said.
@TonyTheBullCMT In saying ‘everyone’ and ‘I'm not part of the herd’, what metrics do you use? For someone who says he relies on data, such statements sound very subjective.