Bitcoin Dominance In Long Distribution, Breakout Soon?!
Dear readers I would like to point out that Bitcoin Dominance (BTC.D) has made both complete wave-count on relative price as on the normal price and with this long sideways distribution we should see a big move in near future.
This move could send the momentum for a further trend as the dominance went sideways for a really long time and is now finally able to find the least resistance route.
Primary support would be the lower trendline at 61-60%, below that 52-54% of the market capitalization. This means altcoins should regain a good amount of market share proportionally to bitcoin. One could argue that this is a bullish hindsight signal, often a bullish altcoin market cap goes along with a positive sentiment and new money flowing into the whole market cap as investors are willing to take more risk. It would make sense for the other projects that have been developing over the years to finally get a competitive ground against bitcoin as they catch up with their own unique ideas, that try to cover shortcomings of bitcoin or explore a completely new field of interest.
What do you think? Could a trend to lower bitcoin dominance lead to a more bullish market? I would love to hear your opinions or theories, please like and leave a comment!
This move could send the momentum for a further trend as the dominance went sideways for a really long time and is now finally able to find the least resistance route.
Primary support would be the lower trendline at 61-60%, below that 52-54% of the market capitalization. This means altcoins should regain a good amount of market share proportionally to bitcoin. One could argue that this is a bullish hindsight signal, often a bullish altcoin market cap goes along with a positive sentiment and new money flowing into the whole market cap as investors are willing to take more risk. It would make sense for the other projects that have been developing over the years to finally get a competitive ground against bitcoin as they catch up with their own unique ideas, that try to cover shortcomings of bitcoin or explore a completely new field of interest.
What do you think? Could a trend to lower bitcoin dominance lead to a more bullish market? I would love to hear your opinions or theories, please like and leave a comment!
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More detailed chart about most recent timeframe on BTC.D
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Get ready for a local top on altcoins! BTC.D has nicely followed my expection but at 58.85-59.20% dominance BTC.D will find good support and altcoins could see BTCUSD rally stronger while they run out of steam.
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Get ready for a local top on altcoins! BTC.D has nicely followed my expection but at 58.85-59.20% dominance BTC.D will find good support and altcoins could see BTCUSD rally stronger while they run out of steam.
If we dive below 57% market cap will go ultra-bullish as altcoins gain market cap in unprecedented speed until 52.26-54%!
If we dive below 57% market cap will go ultra-bullish as altcoins gain market cap in unprecedented speed until 52.26-54%!
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⚠️ Basically expect a strong final rally on alts before Bitcoin takes back the show in next 7 days! ⚠️
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Target is now 58.85-59.20% dominance.
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BTC touched the trendline and seems like it has found support and will go higher now again! Exact hit on the lower trendline!