Market Update

BTC dominance: 47.4% DOWN 0.1% in 24h. Long-term downside resistance remains at 35.5%. 40% is now the new mid-term resistance. BTC dominance high for 2018 is 48.7%.

Global Cap: $254B DOWN $18 in 24h. The 2018 low is $233B. $300B upward resistance has been tested and failed multiple times in last few weeks. This now represents the strongest upside resistance we have seen in global cap in months.

Dail Global Volume: $11.5B DOWN $1.3B in 24h.

Hope you were able to heed our warnings regarding the $300B global cap number that steadily built a strong level of resistance and took some profits before this weekend. The last failure to cross this level has been epic to say the least. The last significant market dip in mid-July bottomed out at $245B. This serves as minor downside support with the 2018 low serving as the last line of support at $233B. Luckily, we did not get as low as $245B this weekend before a modest bounce yesterday.

Despite this, BTC dominance has continued to fall over the past few days from the 2018 peak of 48.7%. This is not enough of a move to call a reversal yet, but it is the first time this market has even shown the signs of a BTC dominance reversal. Typically, we need higher volume and an expansion of global cap to trigger a sustained drop in BTC dominance. Never read too much into a low volume market.

The Brain Kelly CNBC comments from Friday that we had the most bullish news of the year coupled with Coinbase mentioning dozens of coins/tokens for possible exchange add did NOTHING to help the markets over the weekend (except maybe for this slight drop in BTC dominance). Big money here is focused only on BTC and ETF “news” is the only catalyst. When the SEC kicks the can down the road further over the next couple of months, how much more BTC will be sold? It makes sense to hoid BTC for a potential ETF. It does not make sense to put a time limit of months, not years, on that development.