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

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

• 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.

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