Hi folks, I dont mean to spread FUD and Ive only been in cryptos for the last 6 months and Ive tried to educate myself on BTC, crypto and trading ever since. Ive been wondering a few things and would like your opinions.
Right now BTC is just below 50% fib retracement from its ATH to May's Bottom and it seems a pretty strong resistance. A lot more than any of the SMA / EMA, etc.
For the Bullrun to re-start in full swing, money needs to flow to BTC and right now it's leaving it (in the percentage of the Total crypto market) into alts. A lot of them x2 x3 since May.
I have that theory, that may be stupid idk, that BTC crashes happen because of Alts-seasons. You cant have BTC bullrun + Alt season at the same time and it always end up the same way. BTC crash, alts tank, BTC dominance rise, BTC price pump.
But BTC dominance never hit 50% either since 29th of April. We actually never left alt-season in a way. We're still in the same trend that led to May's crash and until all the money is back into fiat/stable/BTC we won't have a proper months long bullrun...
Or maybe "this time it's different" and cryptos are mature enough to not need BTC to be over 80% of the market share for all of them to thrive.
Thoughts?
(I hope I'll see this post in /r/agedlikemilk tomorrow.)
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