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.
Note
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.
Note
Dominance bounced.
Note
Dominance has broken out.
Web:
UNDER C.
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twitter.com/blauersamt_
UNDER C.
Follow me on Twitter:
twitter.com/blauersamt_
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.
Web:
UNDER C.
Follow me on Twitter:
twitter.com/blauersamt_
UNDER C.
Follow me on Twitter:
twitter.com/blauersamt_
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.