Hello Crypto traders and investors, today we will talk about dominance in the Crypto market as we see some major changes with interesting developments.
Crypto market is trading at the lows and extreme levels, especially ALTcoins which suffered a massive drop, actually greater than Bitcoin. The main reason is that BTC. Dominance is waking up, while ALTcoin.Dominance is turning down. This is a major reversal in dominance at specific time, in the bear trend actually and that's why ALTcoins are suffering more.
If we take a look on BTC.D/OTHERS.D daily chart, which is actually a ratio chart between Bitcoin. dominance and altcoins. dominance, we can clearly see it trading impulsively higher away from the lows. In Elliott Wave theory, we can actually expect a five-wave bullish impulse, so seems like BTC will dominate in upcoming weeks/months.
Another chart that suggests and confirms stronger BTC compared to ALTcoins is also ETHBTC. As you can see, ETHBTC is coming down because of BTC dominance and from Elliott Wave perspective there's room for more weakness after recent A-B-C corrective flat pattern in wave (B)/(2). So, ETHBTC is now falling either for wave (C) or maybe even wave (3) with room at least down to 0.059 – 0.050 area, if not even lower.
Generally speaking, we believe that support in the Crypto market may not be far away and recovery may show up anytime soon. So, with rising BTC.dominance, we can expect Bitcoin to be first coin with a bullish reversal once Crypto market finds the support/bottom.
Get Full Access To Our Premium Analysis For 14 Days. Click here!
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.