BTC Coiling Pattern Requires a Catalyst to Break Out

BTC has been winding tighter in this coiling pattern for the past few weeks. Right now, it could go lower or higher, depending on who wants to win this battle. Examining the Bitcoin Dominance chart shows that money has been moving into altcoins today with cryptos like ETH and ADA showing nice percentage gains. This really isn't a positive sign for BTC. You can see that the dominance chart is also winding tighter. Whichever way BTC breaks, it should provide a significant move after this consolidation. It's probably best to wait and see which way that occurs.