Bitcoin is putting a serious hurt on the rest of the crypto markets this fine Monday morning. It's bust above 40K was powerful and hasn't given much look of slowing up.
What I am looking at is the Bitcoin Dominance. WIth it pumping over 54%, this means the the majority of the money in the entire cryptocurrency industry is flowing into the top coin, for now. Once people have had their fill and the price finds a supply zone, selling will start occurring again. When this happens, that's when it's best to start hitting the major altcoins and let them absorb some of the market share for a while.
The Bitcoin Dominance chart is certainly one that any crypto trader needs to watch, whether you are a maximalist, or someone like me who doesn't date it, I just trade it!
This idea was just posted on my TradingView page. Go give me a follow there for ideas like this, and get my Logical Trading Indicator V.1 for free on your charts and start killing these markets!
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Many of my cryptocurrency related articles can also be found on my crypto research site, Coin Logic.
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Disclaimer:
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
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