BTC
BTC.D
Learning Points
- Bitcoin’s dominance chart appears to give us the heads-up when the price of Bitcoin will continue to rally or decline.
- The 60% level seems to be the next most significant area to keep an eye on, if BTC manages to reach this area again, as the dominance could just be pulling back hard in order to continue its decline.
- So, if BTC.D reaches 60%, then we must urgently re-assess what direction Bitcoin is likely to travel towards.
- In terms of profits, I am thinking about taking 50% off the table, allowing the remaining 50% to run! That said, I have not made a decision as of yet.
- Assessing BTC.D has prove to be essential to understanding the price action of the Altcoins, and crypto related stock like Marathon Bitcoin Miners and Coinbase (as they appear to have the same chart pattern as the Alts).
Next Action
- Continue to assess BTC.D in relation to your MARA trade everyday.
- Consider taking some profits out of BTC when dominance looks highly likely to start declining strongly.
- Update new trading spreadsheet with the latest losing trades.
