A brief take on BTC Dominance
I know, a lot of Traders do not rely on the BTC Dominance as an Indicator anymore, since it's not considered as useful indicator for the
current strength in the Market. I still take it into consideration for my trading.
Two patterns to be seen for BTC-Dom. At this Moment. The first one would be the Descending-Triangle and the second one would be a Double-Top Pattern. Both are considered "Bearish". The Target for the Dominance would be somewhere between 31.02% and 28.91%. If the Dominance really would break down, this would imply that a lot of the Altcoins would have a huge run.
On Thing to Consider:
In the last Bull market (17/18) something similar happened. BTC-Dominance was going sideways and then broke down leading to a huge Altcoin run, just to confirm the end of the Bull market. The Dominance, then, slowly began to rise as high as 75%, which clearly showed that most Crypto-Traders do see Bitcoin as a safe haven, for that Time at least.
Well, history doesn't repeat itself, but it rhymes - keep that in mind.
This Analysis is not intended to be investment advice. Always DYOR.
current strength in the Market. I still take it into consideration for my trading.
Two patterns to be seen for BTC-Dom. At this Moment. The first one would be the Descending-Triangle and the second one would be a Double-Top Pattern. Both are considered "Bearish". The Target for the Dominance would be somewhere between 31.02% and 28.91%. If the Dominance really would break down, this would imply that a lot of the Altcoins would have a huge run.
On Thing to Consider:
In the last Bull market (17/18) something similar happened. BTC-Dominance was going sideways and then broke down leading to a huge Altcoin run, just to confirm the end of the Bull market. The Dominance, then, slowly began to rise as high as 75%, which clearly showed that most Crypto-Traders do see Bitcoin as a safe haven, for that Time at least.
Well, history doesn't repeat itself, but it rhymes - keep that in mind.
This Analysis is not intended to be investment advice. Always DYOR.
Comment:
Dominance bounced.
Dominance bounced.
Comment:
Dominance has broken out.
Dominance has broken out.
After a little Bounce the BTC-Dominance started to fall again, with a now low @ 39.46%. During that fall, some altcoins had a decent runup. Still, both Patterns are in Play.