Despite all the time that some of us have been accumulating altcoins, it seems that the arrival of the long-awaited ALTCOIN season is going to have to wait a little longer.
I posted this chart 2 months ago already:
During the past week BITCOIN has broken the resistance that formed the 200 Weeks Moving Average (200WMA) and, most likely, this will become medium-term support.
In fact, today we are at the very same level of dominance that BITCOIN had at its maximum at the end of 2017, around 70%.
Just one month later, BITCOIN lost 48% of its dominance, leading to the explosion of ALTCOINS that, consequently, obtained meteoric gains.
The difference is that, at that time, BTC dominance was already in clear decline, for more than 10 months already. Today, however, this is not the case. BTC has broken the downtrend trendline and also, as I said the 200WMA.
My reading is that BITCOIN is still the priority in terms of accumulation today, and it will be for quite some time.
However, it is possible that this would be a golden opportunity to continue accumulating altcoins, especially those with large capitalization, except RIPPLE of course 😝, and also to make a good bag of those crypto projects with good fundamentals and applicability. So, I see this situation as a present for us.
The altcoin season will arrive once the large corporations stop accumulating BITCOIN, then they will pump the rest of the market.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
