BTC dominance is expecting to be dropped, a chance for altcoins?
BTC dominance (BTC.D) is expecting to be dropped, a chance for altcoins?
Bearish signs for BTC.D as shown in the daily chart:
- BTC.D violented key support at around 69%, as mentioned in the previous analysis.
- BTC.D can't break the downtrend resistance, established since the earlier of September 2019.
- At the time, TRIX fails to break its downtrend resistance and being in the bearish area since mid-September.
- MA20 is pointing down with a high angle.
BTC.D will have a small rising to test MA20 (which is a higher edge of the falling wedge pattern), then slowly drops to the Fibonacci retracement 50% (65.8%).
BTC.D dropping is evident tells that the capital is flowing from BTC to altcoins. This, overall, is a good sign of the altcoin market.
The altcoin blooming season is still far away, but altcoins will have good recovery in the next days.
A possible scenario of the crypto market in the next days:
- BTC will have a drop, relatively, BTC.D will have a small rising.
- BTC finds strong support (might be around $6600), then enters the consolidation phase.
- Top altcoins (ie. ETH, XRP, LTC, BNB, etc) will fly when BTC gets stable. Then the next coins have lower market caps will follow the top.
Bearish signs for BTC.D as shown in the daily chart:
- BTC.D violented key support at around 69%, as mentioned in the previous analysis.
- BTC.D can't break the downtrend resistance, established since the earlier of September 2019.
- At the time, TRIX fails to break its downtrend resistance and being in the bearish area since mid-September.
- MA20 is pointing down with a high angle.
BTC.D will have a small rising to test MA20 (which is a higher edge of the falling wedge pattern), then slowly drops to the Fibonacci retracement 50% (65.8%).
BTC.D dropping is evident tells that the capital is flowing from BTC to altcoins. This, overall, is a good sign of the altcoin market.
The altcoin blooming season is still far away, but altcoins will have good recovery in the next days.
A possible scenario of the crypto market in the next days:
- BTC will have a drop, relatively, BTC.D will have a small rising.
- BTC finds strong support (might be around $6600), then enters the consolidation phase.
- Top altcoins (ie. ETH, XRP, LTC, BNB, etc) will fly when BTC gets stable. Then the next coins have lower market caps will follow the top.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.