Bitcoin Dominance update – Will Altcoins rise further?

In this article, we will discuss bitcoin dominance technical analysis update, and how altcoins will perform in the coming days.

The Altcoin Market is witnessing a strong drop against bitcoin since last few days. Major altcoins like -XRP, EOS, BCH and TRX have recorded an average drop of 15% in the last two weeks. While on another side, Bitcoin dominance bounced from support at 62%, and saw a rise of 2.5% in last two weeks. Bitcoin dominance is currently valued at above 64.5%.

What is Bitcoin Dominance?

Let’s discuss Bitcoin dominance’s technical analysis to see how altcoins could perform against bitcoin in coming days.

Bitcoin Dominance Technical Analysis – 1D Chart

Findings

• BTC.D had broken out from a Symmetric Triangle formation on Daily Chart. Symmetric triangles are continuation patterns, BTC.D can continue rising to the next resistance level which is at 66%.
• MACD is also showing a strong sign of bullish momentum for Bitcoin dominance.

Top 6 Crypto Trading Strategies

Opinion

• As of now, We expect BTC.D to retest 66% Level – That means another 5-10% drop for altcoins to be arrived in the next few days.
• If BTC.D gets rejected at 66% with a strong move, than we could expect altcoins to come back, and go for another bullish ride for a few more days.
• If BTC.D manages to find support above 66%, then we expect BTC.D to reach at higher level possibly 75-80%, and that would cause a strong pullbacks for altcoins. We may witness another all-time lows for altcoins.

Conclusion

66% is the level to watch out for Bitcoin dominance right now, Rejection from this level is good for altcoin market, But strong close above this level will cause a deep trouble for overall altcoin/btc market.

Subscribe To Our Newsletter

Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

SUBSCRIBE!

You have Successfully Subscribed!