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%.
Let’s discuss Bitcoin dominance’s technical analysis to see how altcoins could perform against bitcoin in coming days.
Bitcoin Dominance Technical Analysis – Weekly
- 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 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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