Hello Crypto traders and investors, today we will be talking about the dominance of the crypto market, as we are witnessing major changes with some interesting developments.
The crypto market is trading at extreme lows, especially ALTcoins which have suffered a massive decline, in fact higher than Bitcoin. The main reason is that BTC. Dominance wakes up, while ALTcoin.Dominance declines. This is a major reversal of dominance at a specific time, in the downtrend actually and is why ALTcoins are suffering more.
If we take a look at the BTC.D/OTHERS.D daily chart, which is actually a ratio chart between Bitcoin. dominance and altcoins. dominance, we can clearly see it impulsively trading higher away from lows. In Elliott Wave In theory, we can actually expect a five-wave bullish impulse, so it looks like BTC will dominate in the coming weeks/months.
Another chart that suggests and confirms stronger BTC against ALTcoins is also ETHBTC. As you can see, ETHBTC is down due to BTC dominance and from an Elliott Wave perspective, there is room for more weakness after the recent ABC corrective flat pattern in wave (B) /(2). So ETHBTC is now falling either for wave (C) or maybe even for wave (3) with a margin at least down to 0.059 – 0.050 or even lower.
Overall, we think support in the crypto market may not be far off and recovery could happen anytime soon. So, with the rise of BTC.dominance, we can expect Bitcoin to be the first coin with a bullish reversal once the crypto market finds support/bottom.
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