Interesting Price Action
Hello Steemians! There is some interesting short term action going on right now on BTC. There is a 300 point down and up move couple of hours back. However, since the move is jittery I am not paying too much attention at the moment.
The BTC daily shows the long wick which relates to the sharp move. However the candle is still evolving so we need to wait and watch what comes out of it.
In the mean time I was looking at the BTC dominance chart after a while. BTC dominance is highest for the year 2018 at 55%. Generally during every crash, there is this "flight to safety" towards BTC. The same thing is evident now.
This is clear in the shorter term (one year) chart. However, we are nearing the 60-65% dominance, which was last year November, just before the year end alt-coin rally. It will be interesting to see what happens when/if the BTC dominance hits 60-65% this time. Because I think that is likely the roof in the current market dynamics.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service.
Its a great time to snag some decent altcoins!
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I think time will tell
It is very obvious what happened. the hack news caused a shake out with lower prices that was bought immediately. This is VERY BULLISH.
First bullish thing I have seen in months.
perhaps... we will see
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