Alt Season - next wave startingAfter reaching $11,200 -- BTC needs to correct and alt coins need a chance to catch up.
I think the next 1 to 3 weeks will be a rapid bloom time for the alt market but it could all be over by the middle of July!
Let's review.
Regarding BTC, $11,100 represented the 3.618 Fibonacci advancement line, when measured from the bottom to the tip of the first wave. This is often the tippy top price of a 3rd wave.
The next major price milestone will be $15,498, representing the 5.618 line and the next number in in the fib sequence. If BTC doesn't have a major correction or slip back into a bear market, this is the price I would target for the 5th wave.
Looking at Bitcoin's Dominance, we can see it made an impressive run and market take over beginning on June 14th. I noticed a lot of my alt coins pumped hard (but for like 15-20 minutes) on June 13th.
By applying a Gann fan to BTC.D, we can see the level perfectly, and I do mean perfectly bounced off the last wedge, which is often a major resistance line.
Directly above it, we have the resistance line generated by the previous high.
BTC Dominance might recover between the 2/1 and 3/1 wedge but it will be only temporary before resuming downward.
Look for BTC.D to reach and breach 59
Here is what I think will happen.
Bitcoin will maintain it's price above $10,000 for probably a week or so. Probably at least through next Tuesday when the US and China meet.
While BTC's price is kept at this level, BTC will flow into alts, causing them to rapidly bloom over the next 1-3 weeks.
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