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      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

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      Bitcoin Dominance Analysis: Is alt season over?

      Hitesh Malviya by Hitesh Malviya
      February 17, 2020
      in Altcoin
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      Cryptocurrency market is witnessing a correction for the last 48 hours, Bitcoin price had dropped from 10500$ to 9700$, and Major cap altcoins like XRP,ETH, LTC and EOS saw an average drop of over 15% in last 48 hours. Cryptocurrency market cap lost 30B$ value in past 48 hours, while Bitcoin dominance saw an increase of 5%.

      Now the question is?

      Is it a normal correction for altcoins, or Season is over? To find the answer, we will look into Bitcoin Dominance Technicals.

      Bitcoin Dominance Analysis

      featured image
      BTC.D -1D

      Findings based on Daily Timeframe chart

      • BTC.D broke down from a Major trendline last week, which hold the BTC.D above this support for 10 months.
      • BTC.D bounced back from support at 62%, from which BTC.D had bounced in July’19, after that Altcoins started dropping to new lows.
      • Bitcoin dominance retested Trendline neckline support yesterday, and currently trading below that.

      Opinion

      • Altcoins can recover quick, and push for another bullish wave only if Bitcoin dominance stays below 65-66% – which is also a trendline neckline support. In that case, Bitcoin dominance could drop below 58% in next few days.
      • If BTC.D manages to stay above 66%, then there is a more than 50% chances that – altcoins can continue drop against bitcoin till Bitcoin Halving.

      Must Read –

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      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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