BTC dominance continues raising, when will it stop?
Updated
BTC dominance (BTC.D) continues raising, when will it stop?
Base on a simple Fibonacci retracement draw, we can expect the (72 - 74%) values will be the top of this rise. There was a small difference (about 1-2%) between Tradingview and Coinmarketcap.com's calculation. So the relative values for coinmarketcap.com should be 70 to 72%. We are so close to the important turning point, which is a good fertilizer for the altcoin blooming season (as talked on the previous post).
There are 2 scenarios for the next move of BTC.D and BTC price, which are:
1) If BTC.D exits all patterns at the current values (around 70%), BTC will enter mid-term downtrend, but its price will keep less volatile.
2) If there have a massive pump or dump of BTC price, BTC.D will rise to 61.8% Fib. level. If BTC.D rejects that level, the altcoin will enter the blooming season, otherwise, the altcoin will bleed more and find a new bottom.
In my opinion, the 61.8% Fib. level always be a strong resistance that, will reject BTC.D to go further, there will have a good chance for altcoins to recover their losses by the last months.
Base on a simple Fibonacci retracement draw, we can expect the (72 - 74%) values will be the top of this rise. There was a small difference (about 1-2%) between Tradingview and Coinmarketcap.com's calculation. So the relative values for coinmarketcap.com should be 70 to 72%. We are so close to the important turning point, which is a good fertilizer for the altcoin blooming season (as talked on the previous post).
There are 2 scenarios for the next move of BTC.D and BTC price, which are:
1) If BTC.D exits all patterns at the current values (around 70%), BTC will enter mid-term downtrend, but its price will keep less volatile.
2) If there have a massive pump or dump of BTC price, BTC.D will rise to 61.8% Fib. level. If BTC.D rejects that level, the altcoin will enter the blooming season, otherwise, the altcoin will bleed more and find a new bottom.
In my opinion, the 61.8% Fib. level always be a strong resistance that, will reject BTC.D to go further, there will have a good chance for altcoins to recover their losses by the last months.
Note
BTC.D reaches the resistance zone. It can raise a little bit more to 74% (tradingview calculation), related to 72% on coinmarketcap.com.Everything is going on the way, as analysis.
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