{"id":432045,"date":"2020-07-24T20:00:29","date_gmt":"2020-07-24T20:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=432045"},"modified":"2020-07-24T19:34:58","modified_gmt":"2020-07-24T19:34:58","slug":"bitcoin-dominance-recovery-altcoins","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-recovery-altcoins\/","title":{"rendered":"After Parabolic Rally, Altcoins May Soon Retrace Against Bitcoin: Indicator"},"content":{"rendered":"

Bitcoin dominance<\/a> has been plummeting recently letting altcoins have their time in the crypto market spotlight for a change. But as altcoins begin to correct, BTC dominance is signaling that the asset is about to recover from the altcoin market’s rally against it.<\/p>\n

What does this mean for Bitcoin, and how will certain altcoins withstand the coming blow to their market share from BTC dominance?<\/p>\n

BTC Dominance Signals Buy, Potential Bull Flag Formation Could Wreck Alts<\/h2>\n

BTC dominance is a metric that weighs the first-ever cryptocurrency against the rest of the market. Because it started off the entire industry and has first-mover advantage, it commands the lion’s share of market capitalization.<\/p>\n

Currently, Bitcoin’s dominance rests somewhere near 62%, after setting a high last year in September at 73%.<\/p>\n

Related Reading | How Crypto Market Fear And Greed Be Used Profitably As A Trade Trigger<\/a><\/strong><\/em><\/p>\n

The rise to 73% in 2019 crushed altcoins, taking many of them down to as much as 90% or less on their BTC ratios. Prior to that, however, altcoins ballooned during the peak crypto bubble, where BTC dominance fell to as low as 35%.<\/p>\n

Lately, altcoins have finally been recovering against the first-ever cryptocurrency<\/a>, thanks largely due to the unstoppable DeFi trend and Chainlink setting new all-time highs<\/a>.<\/p>\n

But any altcoin season taking place across the crypto space over the last several weeks could very well be coming to an end already.<\/p>\n

\"btc<\/p>\n

BTC Dominance Weekly TD Sequential 9 Buy Setup | Source: TradingView<\/a><\/pre>\n
According to the TD Sequential indicator on weekly timeframes, BTC.D has triggered a 9 “buy” signal. Coinciding with the signal on Bitcoin dominance, are sell setups on top altcoins like Ethereum, Chainlink, and Cardano<\/a>.<\/p>\n
Higher timeframe signals are given more weight in technical analysis, suggesting that any recent gains could soon reverse if the signal confirms.<\/p>\n
Are Altcoins About To Get Crushed By Bitcoin’s Big Breakout?<\/h2>\n
Altcoins that have suffered extreme devastation, dropping to as low as 99% from their former all-time highs, may be in for a lot more carnage.<\/p>\n
BTC dominance hasn’t just triggered a 9 “buy” setup on weekly price charts, the setup is taking place at the bottom trend line of what appears to be a massive bull flag on BTC.D price charts.<\/p>\n
\"btc<\/p>\n
BTC Dominance Weekly Bull Flag Chart Pattern | Source: TradingView<\/a><\/pre>\n
The bull flag mimics the previous multi-year consolidation pattern, which resulted in a break to the upside in 2019 and altcoins collapsing. It also had a similar 9 “buy” setup on the TD sequential, pictured above.<\/p>\n
If the 9 setup on weekly BTC.D charts plays out the same way, the leading cryptocurrency by market cap will end up commanding as much as 85% of the total cryptocurrency market.<\/p>\n
Related Reading | How Lengthening Bitcoin Cycles Conflict With Halving Driven Supply Theories<\/a><\/strong><\/em><\/p>\n
Altcoins would take an enormous dive lower on BTC ratios. How they perform in USD trading pairs will depend heavily on Bitcoin<\/a>. If altcoin valuations remain the same, and Bitcoin runs, the same dominance effect would result.<\/p>\n
It’s for that very reason, some analysts argue that it is not a very reliable chart to analyze. If it does prove reliable in this case, altcoin season isn’t just over, the alternative crypto assets are about to get crushed.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin dominance has been plummeting recently letting altcoins have their time in the crypto market spotlight for a change. But as altcoins begin to correct, BTC dominance is signaling that the asset is about to recover from the altcoin market’s rally against it. What does this mean for Bitcoin, and how will certain altcoins withstand the coming blow to their market share from BTC dominance? BTC Dominance Signals Buy, Potential Bull Flag Formation Could Wreck Alts BTC dominance is a metric that weighs the first-ever cryptocurrency against the rest of the market. Because it started off the entire industry and has first-mover advantage, it commands the lion’s share of market capitalization. Currently, Bitcoin’s dominance rests somewhere near 62%, after setting a high last year in September at 73%. Related Reading | How Crypto Market Fear And Greed Be Used Profitably As A Trade Trigger The rise to 73% in 2019 crushed altcoins, taking many of them down to as much as 90% or less on their BTC ratios. Prior to that, however, altcoins ballooned during the peak crypto bubble, where BTC dominance fell to as low as 35%. Lately, altcoins have finally been recovering against the first-ever cryptocurrency, thanks largely due to the unstoppable DeFi trend and Chainlink setting new all-time highs. But any altcoin season taking place across the crypto space over the last several weeks could very well be coming to an end already. BTC Dominance Weekly TD Sequential 9 Buy Setup | Source: TradingView According to the TD Sequential indicator on weekly timeframes, BTC.D has triggered a 9 “buy” signal. Coinciding with the signal on Bitcoin dominance, are sell setups on top altcoins like Ethereum, Chainlink, and Cardano. Higher timeframe signals are given more weight in technical analysis, suggesting that any recent gains could soon reverse if the signal confirms. Are Altcoins About To Get Crushed By Bitcoin’s Big Breakout? Altcoins that have suffered extreme devastation, dropping to as low as 99% from their former all-time highs, may be in for a lot more carnage. BTC dominance hasn’t just triggered a 9 “buy” setup on weekly price charts, the setup is taking place at the bottom trend line of what appears to be a massive bull flag on BTC.D price charts. BTC Dominance Weekly Bull Flag Chart Pattern | Source: TradingView The bull flag mimics the previous multi-year consolidation pattern, which resulted in a break to the upside in 2019 and altcoins collapsing. It also had a similar 9 “buy” setup on the TD sequential, pictured above. If the 9 setup on weekly BTC.D charts plays out the same way, the leading cryptocurrency by market cap will end up commanding as much as 85% of the total cryptocurrency market. Related Reading | How Lengthening Bitcoin Cycles Conflict With Halving Driven Supply Theories Altcoins would take an enormous dive lower on BTC ratios. How they perform in USD trading pairs will depend heavily on Bitcoin. If altcoin valuations remain the same, and Bitcoin runs, the same dominance effect would result. It’s for that very reason, some analysts argue that it is not a very reliable chart to analyze. If it does prove reliable in this case, altcoin season isn’t just over, the alternative crypto assets are about to get crushed.<\/p>\n","protected":false},"author":517,"featured_media":432062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[79516,142,428,13510,1119,16154,75754,1144,78790,16295,6664,54512,65296,1946,8686,78803,75941,75940,4524,76835],"class_list":["post-432045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-adabtc","tag-altcoins","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-dominance","tag-btc-d","tag-btcusd","tag-btcusdt","tag-chainlink","tag-crypto","tag-defi","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt","tag-linkbtc","tag-linkusd","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nAfter Parabolic Rally, Altcoins May Soon Retrace Against Bitcoin: Indicator<\/title>\n<meta name=\"description\" content=\"Bitcoin dominance has been plummeting recently letting altcoins have their time in the crypto market spotlight for a change. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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