WATCH: Bitcoin Dominance And Altcoin Season 2.0 | BTC.D September 7, 2022
2022年9月8日 - 3:40AM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
are going to look at Bitcoin dominance and the possible signs of a
surprise altcoin season developing during the bearish macro
backdrop. Take a look at the video below: VIDEO: Bitcoin Dominance
Analysis (BTC.D): September 7, 2022 For today’s video, we are
going to look at Bitcoin dominance on monthly and weekly
timeframes. There is potentially a notable breakdown in progress
that – based on its significance – could be telling of something
bigger: a possible altcoin season that no one is expecting. Related
Reading: WATCH: Ethereum Gains Momentum Ahead Of The Merge | ETHUSD
September 6, 2022 Bitcoin Dominance To Submit To Altcoins
Typically, altcoins only perform well during a bull market. So for
BTC.D to be breaking down is very unusual considering the current
macro backdrop. Still, BTC dominance is breaking down from a
diagonal trend line on price and the Relative Strength Index. The
LMACD is also clearly displaying a struggle between bulls and
bears. Or more accurately put, Bitcoin versus altcoins, with
altcoins currently taking the lead. Is an altcoin season about to
appear? | Source: CRYPTOCAP-BTC.D on TradingView.com The Signal
From The Last Alt Season Is Back Moving to weekly timeframes on
Bitcoin dominance, trend lines become a little more clear. Price is
breaking down from both diagonal and horizontal support of great
importance. Comparing the past cycle, we can see a similar setup
where dominance could make a lower low, while the RSI forms a
higher low and bullish divergence. On the weekly Ichimoku, Bitcoin
dominance has been rejected by the cloud. The previous time price
dropped from the cloud, it took BTC dominance from 70% to where we
are currently at around 39% market share. Will we get a
repeat of the last altcoin season? | Source: CRYPTOCAP-BTC.D on
TradingView.com Related Reading: WATCH: Weekend At Bitcoin’s: Will
The Dead Crypto Make A Comeback? BTCUSD September 2, 2022 Could
This Be A Possible Target For Crypto Market Share? So, where then
could our target possibly be in terms of new lows set in Bitcoin
dominance? One potential area, is yet another retest of neckline
resistance turned support from the last bottom formation – an
inverse head and shoulders. The target would take BTC.D to around
32% dominance. Could 32% dominance be the potential target? |
Source: CRYPTOCAP-BTC.D on TradingView.com How Ethereum And The
Merge Might Influence BTC.D To further illustrate why this setup
could come to fruition, we have flipped BTC.D upside down and
compared it with ETHBTC. The primary factor driving a historical
altcoin season is the Ethereum Merge. In the chart below, we can
see that Ethereum is very much responsible for much of the current
Bitcoin dominance chart formation. This makes sense considering
Ethereum is the second largest cryptocurrency by market cap and has
the largest impact on this metric outside of Bitcoin itself.
Bitcoin dominance is driven heavily by the ETHBTC pair | Source:
CRYPTOCAP-BTC.D on TradingView.com Learn crypto technical analysis
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insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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