Dominance : Elliot wave perspective and road map to 50%
Hello Fellas, Happy Monday and I hope that this week could be the a better week for another trading journal for all of you. Current bitcoin movement is still in play with my previous analysis and perspective, beside bitcoin is still moving in the consolidation area whether it is on short term or long term perspective. That's why a few days ahead i will be more concern with the dominance and market capitalization of this crypto industry. I will frequently give you an update about this highlighted factor that keep the crypto space on its balance. Here we start the analysis!
So, on this chart, I try to make a long term projection for the bitcoin dominance possible movement in the future. Remember that you don't have to be worry even if the bitcoin dominance will melt however to lower level or bitcoin itself which will decrease value a lot lower than current level. The decreasing of bitcoin dominance will become another stepping stone of bitcoin's future. The decreasing in bitcoin dominance will make the crypto space more healthier and the money inflow in this industry will spread out evenly between 1 coin to another. This thing especially will indicate a decrease of manipulative number, even for the institutional level, it will be harder to manipulate the price of crypto. More evenly the fund distributed, more healthier this market will be.
I see that the current movement of bitcoin'd dominance will melt however to lower level. I see a losing momentum as well on current level of dominance. Based on the technical analysis, it looks like the previously bullish falling wedges could be the first leading diagonal on higher structure. I expect an ABC zig za corrective wave to the down side and I expect the dominance will stay at around 50% level. It has a lot of reason for the dominance to be at those level.
Thank you and enjoy your Monday.
So, on this chart, I try to make a long term projection for the bitcoin dominance possible movement in the future. Remember that you don't have to be worry even if the bitcoin dominance will melt however to lower level or bitcoin itself which will decrease value a lot lower than current level. The decreasing of bitcoin dominance will become another stepping stone of bitcoin's future. The decreasing in bitcoin dominance will make the crypto space more healthier and the money inflow in this industry will spread out evenly between 1 coin to another. This thing especially will indicate a decrease of manipulative number, even for the institutional level, it will be harder to manipulate the price of crypto. More evenly the fund distributed, more healthier this market will be.
I see that the current movement of bitcoin'd dominance will melt however to lower level. I see a losing momentum as well on current level of dominance. Based on the technical analysis, it looks like the previously bullish falling wedges could be the first leading diagonal on higher structure. I expect an ABC zig za corrective wave to the down side and I expect the dominance will stay at around 50% level. It has a lot of reason for the dominance to be at those level.
Thank you and enjoy your Monday.
Update about the bitcoin dominance on D timeframe.
Sooner or later the dominance will touch the 68 - 67.8% range which is the point of interest for the bitcoin dominance and will form a potential short term double bottom there. But, from the daily perspective, we can see a momentum drawdown based on MACD histogram and a death cross pattern based on the moving average of MACD. A drop of this dominance will become another horrific period for bitcoin but not for altcoins. Most of altcoins with bitcoin pair has the potential of growing even much higher.