The market dominance of Bitcoin is at a High having reached the Highs this week. With the RSI breaking over it has completed a cup formation a relief consolidation is expected. The alt market dominance is past its Lows approaching the levels. The equilibrium of the two market dominance markers is close to be achieved and since April it has been working in favor. Watch live Bitcoin to Dollar chart, follow BTCUSD prices in real-time and get bitcoin price history. Check the Bitcoin technical analysis and forecasts. 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.
Bitcoin dominance tradingview chartBitcoin Dominance Index Chart — TradingView
Watching your chart right now. Eyes on that Alt dominance chart to see whether that double touch on the equilibrium line leads to a sustainable bounce like before. Great visualization, btw. So my original idea from January 4, at which many people rolled their eyes and commented "oh no, never ever" was probably right! Today it looks like this. We will see BMLemon ReallyMe. ReallyMe , I like this idea but I think I'm too chicken to trade out into stables.
I don't know if we put in the 4 wave or if we've completed 5 and we're putting in the corrective waves. One thing I think is interesting to note is how many of the Alts have formed complex WXY corrections and makes me think BTC could do the same thing, losing dominance until it's finally fully corrected and everyone is fully screwed.
ReallyMe BMLemon. Anyone that holds the majority of their cryptocurrency portfolio in Alts ought to be looking at this chart. Not even going to do any analysis, the result is already in. At this point, it could be the bottom for Alts, but it is hard to hold on to almost anything but BTC knowing that your investment performance is being slowly eaten away. This is partly to do with 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!