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%.
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.
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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.
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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