Market Cap BTC Dominance, %Updated BTC Dominance is at its strongest resistance!!
Bitcoin Dominance (BTC.D) is currently the primary driver of the overall crypto market.
A clear break down and retest is what we can see from the chart.
Key Points:
BTC.D as a Market Indicator: The recent market dump is attributed largely to a surge in BTC.D. This suggests that investors are shifting their funds from altcoins to Bitcoin.
Waiting for a BTC.D Rejection: A rejection of BTC.D at the 56-57% level is seen as a potential catalyst for a broader altcoin rally. This implies that if Bitcoin dominance fails to sustain its upward momentum, it could signal a renewed interest in altcoins.
USDT.D as a Leading Indicator: While USDT.D has shown some signs of rejection, it hasn't been enough to trigger a sustained altcoin rally. This suggests that the market is still awaiting a clear signal from BTC.D.
Risk of Further Dump: If BTC.D breaks above the 56-57% level, it could indicate continued selling pressure on altcoins, potentially leading to a more significant market downturn.
In essence, the analysis asserts that the fate of the altcoin market is heavily dependent on the behavior of BTC.D. A downward correction in Bitcoin dominance could be the spark needed to ignite a broader altcoin rally.
A clear break down and retest is what we can see from the chart.
Key Points:
BTC.D as a Market Indicator: The recent market dump is attributed largely to a surge in BTC.D. This suggests that investors are shifting their funds from altcoins to Bitcoin.
Waiting for a BTC.D Rejection: A rejection of BTC.D at the 56-57% level is seen as a potential catalyst for a broader altcoin rally. This implies that if Bitcoin dominance fails to sustain its upward momentum, it could signal a renewed interest in altcoins.
USDT.D as a Leading Indicator: While USDT.D has shown some signs of rejection, it hasn't been enough to trigger a sustained altcoin rally. This suggests that the market is still awaiting a clear signal from BTC.D.
Risk of Further Dump: If BTC.D breaks above the 56-57% level, it could indicate continued selling pressure on altcoins, potentially leading to a more significant market downturn.
In essence, the analysis asserts that the fate of the altcoin market is heavily dependent on the behavior of BTC.D. A downward correction in Bitcoin dominance could be the spark needed to ignite a broader altcoin rally.
Note
This small red candle here can be as a rejection from this level.Note
Seems like a fake out to me, break down and confirmation below the line can ignite and explode the market.
Note
The bigger picture!!
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.
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.