I realize that to some people, last night was just brutal. The sell off was an eerie reminder of the 2018 bloodbath, while at the same time not being exactly the same. You see, there's a few things I need to see before I truly panic.

src: u.today

BTC Dominance

Of course there are skeptics out there who say that the space was different back then. Truthfully the Bitcoin maximalists love to beat on this drum more than anyone, but they do have a vested interested in doing so, since they've built their following with this tribal strategy.

All that being said, if we look back at how BTC dominance fell last time around, we can assert with some certainty that we are not quite there. The process has not been completed. It goes something like this.

• BTC breaks all records

• Big coins follow, BTC dominance slips (big coins: LTC, XRP, BCH, etc)

• Small caps moon

• micro caps moon

• BTC dominance is between 20-30 percent at this point.

Ear to the ground

When the maximalists start getting angry. That is Tone Vays and his ilk, for example. Then you know that dominance is too low for King Bitcoin, and that the top is probably in. Why? Well, because it's the cyclical psychological dance we've been doing for more than a decade it seems.

I'm doing nothing

I'm holding my position for now. If I see lower highs coming in, then I might rethink this, but I sincerely doubt that is going to happen just yet. As a matter of fact, I agree with the notion that the top top of this market might be around November. Why is this, you say? Because it's the result of superimposing previous performance on top of today's charts.

Previous performance does not guarantee....

I know, I know. But, it's done it enough times for me to take the gamble. Then again, I'm not giving anyone financial advice.

I know better.

MenO

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