Monfex is at your service and today we overview BTC Dominance with ETH/USD LTCUSD EOSUSD XRPUSD.
We see how altcoins grow stronger on the chart of BTC domination, but what really happens ?
Short Coin's review:
A more bullish scenario, but Ripple is approaching to the line of resistance on the daily chart ~ $ 0,28 .
Monfex is at your service and today we overview Bitcoin Dominance.
Bitcoin's dominance has grown slightly over the past couple of days by bullish div on RSI, but we see that Altcoins on its support levels and on the domination chart BTC has come close to the resistance:
the resistance line of the descending channel
Monfex is at your service and today we overview BTC Dominance.
We are located near the resistance line. Will it hold on? Very likely. The market firmly pushed off the resistance line! Target zone ~ 66,50 %, it's our support line, good trading volume support zone.
By RSI we have a strong bearish divergence with price.
Last time on the 9th of december 2017, BTC dominance was at 70% This was followed by a sharp decline.
The following 30 days caused a rally in ETH and the alt coins as money was flowwing from bitcoin, into the alt coins.
We have also completed a 5 wave drive pattern so i expect some corrections to follow, especially because this is a very strong resistance...
The Bitcoin dominance compared to the Altcoins is looking weak right now.
It tried three times to break through the trend channel the last couple days, but
could not manage to clearly stay outside of it (H4 timeframe). The last 4h candle closed inside
the channel. If the daily candle closes inside the channel today, we can expect a downside
of the BTC ...
Expecting a fall here as I see a chuvashov fork developing. This should provide a recovery for many alts as they have a lot of events coming up towards the end of June. Sell alts at the end of June before BTC moves up to 12K ish, buy alts there or just short BTC.