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      Bitcoin Dominance is about to break down from 2.4 years old support. Next Altcoins bull run ahead?

      Hitesh Malviya by Hitesh Malviya
      April 8, 2020
      in Altcoin, Crypto Market
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      In this article, we will discuss bitcoin dominance technical analysis update, and when the next altcoins bull run can start.

      The Altcoin Market is witnessing a sharp surge against bitcoin for the last few days. Major altcoins like -XRP, EOS, BCH and TRX have recorded an average surge of 10% in the previous few days. While on another side, Bitcoin dominance dropped from the resistance of 67.98% and currently testing 2.4 years old support at 65%.

      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 – Weekly

      BTC.D – 1W
      • In this chart, we can spot a clear uptrend channel, and Bitcoin dominance is holding the support of this channel since January 2018.
      • Interestingly, Bitcoin Dominance has managed to hold this support for 2.4 years, throughout the bearish cycle of altcoins.
      • This major support has been tested 4 times in last 8 weeks, the support gets weaker with each retest.

      Once Bitcoin Dominance breaks down from this support and flips 65% as resistance, then we can expect a mega bull run for altcoins similar to the 2016-2017 altcoins run.

      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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