BITCOIN is still dominating in the crypto market - Elliott wave analysis
Hello traders, today we will talk about overall Crypto market and its Dominance.
BITCOIN and most of the ALTcoins have seen a deeper decline in the last couple of months, mainly because BTC have been losing its dominance. But, after that strong BTCUSD bounce, seems like BTC Dominance is back, especially if we take a look in the BTC.D chart in which we see a corrective decline from the highs. So, we believe that BTC Dominance might be back in the game and BTCUSD may outperfom ALTcoins again which can be clearly seen in the ETHBTC chart. As you can see, we are still tracking a corrective wave »iv« here that can send the price back to the lows for wave »v« of 5 towards 0.014 area.
If we are on the right path, then BTC Dominance could be leading for a while, but once BTC.D comes into new highs and ETHBTC into new lows, then we can expect a bounce and reversals, maybe even ALT season.
BTCUSD Dominace, Daily
ETHUSD vs BTCUSD, daily
Trade well,
The EW-Forecast team.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
