Topic: Current scenario of Bitcoin Dominance - page 2. (Read 337 times)
If it does lose more dominance it won't be like the last alt season though, or will it? We now see ETH at 10% dominance (at least according to some data and news and I believe there is some truth, minus the ponzi dapp volume of course) and everyone remembers how Flippening theories led to alt season.
I don't think that it is reasonable to draw TA analysis on bitcoin dominance chart. This chart is going 100% random since it is not driven by supply and demand. It can be distorted by DeFi hype, new coins listings, shitcoin no-volume scam pumps.
I would reverse that by saing "If Bigmarketcap $ALT Coins start bull run than we will see support zone break". Since i strongly believe that bitcoin dominance chart is only the resultant of what is happening on the market not the cause because there is no buying/selling volume associated with this chart. No over-leveraged shorts/longs that could be liquidated, no stop-loss set on 64% support that could affect in pump/dump because no one is trading/holding bitcoin dominance.
if the support zone breaks then there is a big possibility to start the bull run on Bigmarketcap $ALT Coins.
I would reverse that by saing "If Bigmarketcap $ALT Coins start bull run than we will see support zone break". Since i strongly believe that bitcoin dominance chart is only the resultant of what is happening on the market not the cause because there is no buying/selling volume associated with this chart. No over-leveraged shorts/longs that could be liquidated, no stop-loss set on 64% support that could affect in pump/dump because no one is trading/holding bitcoin dominance.
This is also what the TD Sequential is suggesting on the Weekly chart; a bounce upwards from the buy signal (sell alts signal). Dominance is also finding support from the 100 Week MA, therefore a break back above the 200 Week MA around 64% would give it a chance to move back upto 67-68% to re-test resistance trend-line, 50 Week MA & VPVR point of control:
Long-term I don't believe Bitcoin deserves more than 50% of market dominance, cryptocurrency is meant to be decentralized finance, not a centralized monopoly dominated by ideologies such as maximalism. The majority of investors don't believe in the "all eggs in one basket" investment theory, period. This doesn't mean alts are better investments, far from it, but that there needs to be a healthy "turnover" of alts going from Top 10 to worthless, this is how markets work (especially crypto): it's the survival of the fittest natural order.
It does seem likely Bitcoin can re-test higher to 80-90% dominance, slowly move back towards $20K, before another alt season and losing half it's dominance again within a year. Even if this view does completely contradict the very bearish 200 Week MA that's sloping downwards and therefore acting as resistance. MAs say lower lows, but I say higher highs.
Long-term I don't believe Bitcoin deserves more than 50% of market dominance, cryptocurrency is meant to be decentralized finance, not a centralized monopoly dominated by ideologies such as maximalism. The majority of investors don't believe in the "all eggs in one basket" investment theory, period. This doesn't mean alts are better investments, far from it, but that there needs to be a healthy "turnover" of alts going from Top 10 to worthless, this is how markets work (especially crypto): it's the survival of the fittest natural order.
It does seem likely Bitcoin can re-test higher to 80-90% dominance, slowly move back towards $20K, before another alt season and losing half it's dominance again within a year. Even if this view does completely contradict the very bearish 200 Week MA that's sloping downwards and therefore acting as resistance. MAs say lower lows, but I say higher highs.
Little discussion above Current Bitcoin Dominance.
Well there are strong support zone between 63.2-62.2 level.There is a good chance to bounce the Price upto 70-70.7 level.As a result of this $ALT Coins might dump hard.But more chances to breakdown the support zone then it can test 64-64.5 level.So if that support zone broken down Bitcoin dominance can drop upto 14%.
As you know if the dominance drop 2% $ALT Coins heavily pump approximately 20-30%.So in my opinion if dominance can break 63.2-62.2 zone then there is a big possibility that $ALT coins can give us return upto 2X-3X Profit.
If the support zone breaks then there is a big possibility to start the bull run on Bigmarketcap $ALT Coins.
If BTC plus big marketcap $ALT coin go sideways then there is a chance to move small cap $ALTs.This is what called the cycle of market.
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