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.

BTC

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.

ETH

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price sees investors bracing for Powell late Wednesday with $0.44 in the cards

Ripple price sees investors bracing for Powell late Wednesday with $0.44 in the cards

XRP price will see traders mainly focusing on the Powell speech later today at the Brookings Institution. With many questions being raised and Fed members contradicting one another, markets will be hanging on every word coming from Powell’s mouth to get a clearer view of what the path will be going forward.

More Ripple News

ECB director calls for Bitcoin ban, says BTC is not suitable for payments or investments

ECB director calls for Bitcoin ban, says BTC is not suitable for payments or investments

The European Central Bank (ECB) detailed its stance on Bitcoin (BTC) and the cryptocurrency ecosystem in a blog post on November 30. In this article, the financial institution outlined the stark differences between regulation of digital assets in Europe and the US and that they should not be legitimized. 

More Bitcoin News

Solana price in for a surprise as markets expect Powell to bring out the reindeers

Solana price in for a surprise as markets expect Powell to bring out the reindeers

Solana price is at the cusp of starting the long-awaited Christmas rally. SOL could be seen jumping 37%, making it its best performance for the year.

More Solana News

Three on-chain metrics suggest Bitcoin price has bottomed, here’s where BTC is going next

Three on-chain metrics suggest Bitcoin price has bottomed, here’s where BTC is going next

Bitcoin price has triggered a 5% upswing overnight, slicing through critical hurdles. Three on-chain metrics suggest that BTC might have bottomed and has kick-started another bear market rally.

More Cryptocurrencies News

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP