Here is the analysis about BTC dominance and Alts. condition in next few days. at you see in chart bitcoin dominance formed a cup pattern and killed almost all alt coins in past few days. as we approach to a major resistance at 64~ level (fibo level) i expecting Alt party at BTC dominance rejection. sooner or later this will happen and with current BTC movement that shows weakness it looks more . BTC dominance is about to make a move. Lets see if it can fall to around 50%, which is in confluence with the % Fib retracement and previous weekly support/resistance levels. It is also touching the upper trendline which acts as a resistance for now and lets . BTC dominance has been breaking all resistance even when BTC broke ATH altcoins are still struggling. traditional investors joined the Crypto Market and since then they are controlling the Bitcoin price which resulted in huge depreciation to ALTs Price and Market Cap. some good project did have some nice runs but 80% ALTs are still underwater.
Tradingview btc dominanceBTC Dominance for CRYPTOCAP:BTC.D by bitcharger — TradingView
Hope this idea will inspire some of you! Kindly, Phil. Swell, thank you. Upswing took place just as wished for earlier. Now the intension is to gradually calm down with the volatility and continue sideways. The present price action is more or less identical with a similar situation in early May. D dropped by 9 points. That was reflected in the altcoins BTC hit double resistance on dominance, it will have a major afect on altcoins in comming weeks.
This is a very capricious index that jumps around wildly, very hard to predict. Might spike like in May. Btc dominance at resistance, we formed a bearih candle, but it needs to close this weekend.
Expecting alts to gain against bitcoin. Which of course is bad news for Alts. Previously I believed that the wedge resistance will reject BTC. At the moment the Alts look fine because they strangely have become positively correlated to BTC. This happens Since the start of November there's a noticeable amount of bullish sentiment surrounding Litecoin. Hello, traders! Bitcoin's dominance has tested the Bitcoin absorbed all the liquidity of the market during its rally.
Christmas holidays are coming and traders in the stock market prefer to fix their positions. In case if big players are fixing positions on BTC, the nearest support level is at the price values of Bitcoin dominance touched On the weekly chart, Bitcoin Dominance completed the Elliott wave pattern and now the ABC correction wave is going on.
The B wave is completed with a Some Elliott Wave for you. I believe we'll begin to see a significant pullback here now, which will result in the strengthening of the altcoins in Q1 Inversely i've linked a chart to Altcoin dominance below which has just seen a third touch on a long term monthly trend line which gives me added confluence for Finger Crossed.
Anyone that bought the dip on Alts, very ballsy! Hat's off to you if it work out. As bitcoin dominance is going up for past few weeks , now looks its a time for a big pull back and give alts to grow again. D forecasts. Videos only.