TRENDING:
Fed Minutes
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin dominance is slowing down in the bullish crypto market – Altcoins are ready

Bitcoin dominance is slowing down in the bullish crypto market – Altcoins are ready
Gregor HorvatGregor HorvatWavetraders

We have been talking a lot about dominance in the Crypto market in the last couple of months. We also shared a free chart of Bitcoin.dominance back on March 12, where we mentioned and highlighted final 5th wave of an impulse.

Chart
BTC.D daily chart from March 12

As you can see today, Bitcoin dominance is now on the verge of a break below channel support line after a completed projected wave 5 of a five-wave bullish cycle. Well, Bitcoin dominance can slow down all the way back to 50% – 45% support area, but in the current bullish Crypto market as shared two days ago, this could be just positive for the ALTcoins.

Chart
BTC.D daily chart from May 24

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

More from Gregor Horvat
Share:

Editor's Picks

Ripple tumbles as sell-side pressure intensifies

Ripple tumbles as sell-side pressure intensifies

Ripple edges lower and trades at $1.45 on Wednesday, as headwinds intensify across the crypto market. Major crypto assets remain in bearish hands, with Bitcoin falling below $84,000 and Ethereum below $2,800.

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Bitcoin’s correction follows a recent rejection due to supply around $87,200. Altcoins are generally in a correction trend, as Ethereum edges lower toward the next key support at $2,600 and Ripple extends its down leg near the $1.45 demand area.

Polygon extends decline as shutdown rumors fuel panic selling

Polygon extends decline as shutdown rumors fuel panic selling

Polygon is down nearly 5% on Wednesday, amid selling pressure linked to rumors of a network shutdown sparked by a social media post. Derivatives data shows a sell-side dominance as Open Interest declines 13% over the last 24 hours while funding rates flip negative.

Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

Pi Network (PI) continues to extend a bearish phase over the last seven days, risking a breakout below the $0.0800 round figure. The social chatter surrounding the PI token is on the rise, likely driven by investors’ fear.

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.