Some thoughts on why altcoins bleeding like hell while BTC is strong?

If BTC dominance continues to rise, altcoins can lose more value in BTC term (while preserving it in USD terms). However, I find it hard to believe that some coins can see more downside movement, many of them are already at/close to the bottom, there is simple not much of a room to fall (I am talking about low to mid caps that hovering at the bottom for ages already, newer coins have potential to dump a lot more though).
ETH being an altcoin market leading indicator is seeing a lot downside pressure. Bounce is due of course but I guess it will be limited (at least for the first bounce).

BTC current pattern can have a lot of ways to be interpreted depending on the timeframe. For me the clearer pattern is this kind of ascending triangle, which can be seen clearer on the 6Hours timeframe. It keeps squeezing it and at the same time getting closer to the main resistance trendline formed during months. The volume is responding pretty well holding the move, not good enough to refresh the indicators faster but as you can see indicators corrected like a 20% while holding the price, which is always good in order to refuel furthers move.

I consider this sideways moves really healthy for BTC price action as it allow the actors to take decision and build solid positions. The $7,800 is a thought level so better to make a carefully approach in order to have stamina enough to deal with it on a positive way.

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