Why a Trader Is “Cautious” in Longing Altcoins as Bitcoin Pushes $9,600
“Alts are about to bring the pain. This chart doesn’t miss and hasn’t missed in this entire thread. Alts are going to rage dump across the board 5-15% on the BTC pairs (USD unsure depends on BTC direction). Do with that info what you will.”
Bitcoin dominance analysis by trader “Pentoshi” (@Pentosh1 on Twitter). Chart from TradingView.com Adding to this outlook, the Tom Demark Sequential has printed a buy “9” candle on the one-week chart of the Bitcoin dominance. BTC dominance is the percentage of the crypto market made up of BTC. The Pullback Has Begun It seems that the pullback this analyst has been expecting and signals have been forecasting has begun. Below is a screenshot from Coin Market Cap of the worst performing cryptocurrencies over the past 24 hours. A majority of these tokens that are underperforming are coins that saw surges to multi-year or new all-time highs over the past week. Take Synthetix Network Token (SNX), for example. The asset recently surged to a new all-time high around $4.00 on the back of venture capital investment and an uptick in overall adoption. SNX now trades at $3.30, having dropped 10% in the past 24 hours. Data from Coin Market Cap. Current as of July 23rd Featured Image from Shutterstock Price tags: btcusd, xbtusd, btcusdt Charts from TradingView.com Why a Trader Is “Cautious” in Longing Altcoins as Bitcoin Pushes $9,600
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