Bitcoin (BTC / USD) An increase in Dominance is high - Caution Alcoins

The dominance of Bitcoin today, at this time, is trying to break an important resistance of 60.24 points

I will analyze what it means. We will see what it can mean for the Alcoins

Let's see

A month ago I warned, caution in the bedrooms, for the breaking of a bearish channel in the dominance of Bitcoin. And we saw that the price of Bitcoin after the correction has recovered its price to the upside but not so in many alcoins.

Graphic from a month ago, previous post

As we saw in recent months, the price of Bitcoin has entered a descending channel, after exiting its bullish channel, which was broken in the last month

What has happened in the last month

More than 1 month ago, the dominance of Bitcoin once again touched 57 points and forms a double bottom and bounces.

Bitcoin has corrected, but the alcohols more. But if we analyze the Dominance of Bitcoin, it has formed a Double Bottom and has started to rise.

If the dominance of Bitcoin falls, it means that you are investing in Alcoins, so it is not good, for Alcoins, that Bitcoin has broken the channel to the downside.

Weekly analysis

Bitcoin's dominance has been moving for months within a descending side channel which was broken a month ago

For more than a month it has rebounded, in the 60 points touching the upper channel of the channel, in the price correction, and the dominance has fallen again, forming a double bottom. Then the dominance of Bitcoin begins to rise braking at the resistance of the line of 60.24 points

What we saw on a weekly basis is that the price of Bitcoin begins to rise, but there is no price recovery, in the same proportion, after the correction, in many Alcoins. Investors choose to invest in Bitcoin

Already in the previous report I warned that the lower there is the more probability of a rebound of the dominance of Bitcoin

If we analyze the weekly candle we see that after the broad and enveloping candle of a month ago, the last 3 weeks the candles have continued to rise.

Daily analysis

If we analyze the candles of the last 3 days, it touches 60.24 points again and dominance rebounds, for now the resistance cannot break

If we analyze with elliot waves we can identify a reverse ABC, where ABC could be formed. Where C got to 57 points.

As bitcoin dominance rebounds in the last month and returns to 60 points, hopes for an AltSeason decrease.

Why is it important that the domain goes down?

Because reducing the dominance of Bitcoin would indicate that the prices of cryptocurrencies with good projects and good volume could continue to recover value

The variation in the last few days means that investors are still invested in Bitcoin, which is why we see slight increases in the dominance of Bitcoin.

Today we see that the dominance of Bitcoin is trying to break the resistance of 60.24 points

In the next few days we could see a confirmation of the breaking of the resistance

Key points

• Halving. The Bitcoin halving has already occurred, according to history, weeks after the price began a bullish recovery. In the long term, there have been increases in the price of Bitcoin sometimes accompanied by Alcoins and sometimes not.

• The volume of the Bitcoin domain has remained with a ceiling in recent weeks, at 60.24 points

• Dominance has broken the descending channel looking for upward momentum.

• It has already broken 60 points, on the rise the chances of seeing a general rise in Alcoins decrease

Conclusion

Breaking the resistance of 60.24 points could increase the dominance of Bitcoin to 62 points, which would imply that Bitcoin would continue to rise and the alcoins would have to wait.

Another possibility is that today it closes below the resistance of 60.24 points and that in the next few days we will continue to see a lateralization of the dominance of Bitcoin

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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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