Bitcoin's dominance hasn't been above 70% since July 2017 & we see this as a definite resistance area.

🎯 Area of Rejection No.2 is a strong horizontal level + MA200 coming there + it's the final target of the bullish flag.

💡Expecting BTC dominance to go down soon and altcoin relief rally to kick off

What we are seeing right now

👉 BTC Dominance has reached its area of resistance and according to our timing indicator it is going to top next week.

👉 Meanwhile, after being in a free fall mode and experiencing an exhausting sell off, our indicator says that alts are finally due for a bounce this week or the next one.

So, let's connect the dots: BTC Dominance is going to top and alts are in an extremely oversold conditions at the local bottom = altcoin relief rally.

⚠️ However, we are not talking about full altcoin season. The environment has changed. For now we think this is going to be just a very good bounce.

Since alts have been in an unprecedented sell off, they have to bounce sometime and it's more likely to happen starting next week.

Are we 100% confident in this? Surely not! TA is about probabilities and what's more likely to happen and when. The indicator can be wrong and alts will continue to bleed. But what we are saying is that if alts are ever going to bounce, the likelihood of it greatly goes up within two weeks.

Recently Bitcoin hit it’s hashrate ATH - 80 EH/s.

The forks (BCH BSV) are like 40-70 times less in hashrate. It would only take a fraction of bitcoin hash power to utterly annihilate their whole existence.

​To understand the significance of BTC network infrastructure you need to take a look at the cost of 51% attack.

Want to run a 51% attack on the Bitcoin network?

📍You'll need to spend $1 million per hour!

But there isn't enough hardware to rent. And if there was so much hardware available, the other miners would pool to prevent it if it was detected. So, it's virtually impossible to pull off.

But what about BCH and BSV ?

It will only take $22k to keep an attack going on Bitcoin Cash and $10k on Bitcoin SV for one hour.

🔥📰BREAKING: The SEC delays decision on three Bitcoin ETFs today.

Worth noting that final decisions for Bitwise & VanEck/SolidX proposals expected to be made on Oct. 13 and Oct. 18 respectively.

BTC market sentiment

Fear & Greed still at Extreme Fear. Yesterday it was at 11.
The Crypto Fear & Greed Index has not been this low since December 16th 2018.

​BTC 12h chart

Look at how beautifully the price bounced off the 200 EMA on a reversal candle and on a high volume.

❗️The bad news is the bearish cross between the 9 EMA & 50 EMA.

We can expect a bounce to the previous support zone which broke down (10.6-10.8k) and then more downside.

​​​​LTC/BTC: do or die

LTC established a clear triple bottom. This thing really needs to bounce off its support next week! Those who hold LTC don’t really want that support to break. Otherwise it will be a catastrophe & Litecoin might be over.

⚠️ Once Litecoin breaks this horizontal support, at least a 25% decline will be only a matter of time.

Combine this with leaked conversations between Charlie Lee and other principle actors involved with Litecoin, which show evidence of no significant work being done on the cryptocurrency code since the start of 2019. Nobody is interested in working on Litecoin Protocol.

BTC has returned to the previous support zone like we expected!

​So, BTC bounced back exactly to the support zone which we mentioned in previous BTC update - 10.6-10.8k. Right now the price is stuck in that range.

9 EMA & 50 EMA started looking north. Break 10.8k and in a blink of an eye we are at 11.3k.

📍Key level is 12k. Breaking this would mean creating a higher high and open the way to new yearly highs. As of right now, going past the previous swing high seems unlikely.

📰 BREAKING: Tether is going to issue a new stablecoin, dubbed “CNHT” pegged to offshore Chinese yuan (CNH)

CHNT will be the fourth stablecoin to Tether’s basket, in addition to three existing stablecoins pegged to the U.S. dollar (USDT), euro (EURT) and the Japanese yen (JPYT).

Look at how our scenario perfectly played out! We reached 10.6-10.8k zone like we expected and even tried to overshoot it but didn't manage to get above 11k. After that we are having downside action like we said back then.


📍Important level to watch is 9.4k. If we lose it, that will result in a significant move to the downside.

BTC Dominance topped out in our Area of Rejection No.2. Notice beautiful rejection by the 200-Week MA, just like we expected

📌To remind you when we came up with this prediction: back in May we pointed out two rejection zones. At that time BTC Dominance was in the Area of Rejection No.1

📈 So, alts are pumping nicely and everyone is screaming about alt season. But where were all these people two weeks ago when alts were at their very bottom? Calling for more downside and the death of alts ? Actually, yes. That’s what they were doing.

Look at when we called for this altcoin relief rally - August 8th. We posted an update on BTC Dominance and clearly said that it was close to its top and ready to reverse to the downside. Also we mentioned that altcoin rally was going to start within the following two weeks. And that’s what we are having right now.

👉We called for this alts bounce way before anyone else!

​ETH/USD

The daily chart doesn't look good at all and suggests that another leg down is coming.
Pretty old ascending trendline, which starts from December, was violated.

Currently ETH is consolidating inside a symmetrical triangle near important support zrea. A breakdown would be very nasty. Conservative target is 18% down.

Death Cross between 50 EMA & 200 EMA adds credence to the bearish case.
Let's see how this goes

And here is the dump we warned you about yesterday 📉