BTC dominance is expecting to be dropped, a chance for altcoins?
signs for BTC .D as shown in the daily chart:
- BTC .D violented key support at around 69%, as mentioned in the previous analysis.
- BTC .D can't break the downtrend resistance, established since the earlier of September 2019.
- At the time, fails to break its downtrend resistance and being in the area since mid-September.
- MA20 is pointing down with a high angle.
BTC .D will have a small rising to test MA20 (which is a higher edge of the pattern), then slowly drops to the 50% (65.8%).
BTC .D dropping is evident tells that the capital is flowing from BTC to altcoins. This, overall, is a good sign of the altcoin market.
The altcoin blooming season is still far away, but altcoins will have good recovery in the next days.
A possible scenario of the crypto market in the next days:
- BTC will have a drop , relatively, BTC .D will have a small rising.
- BTC finds strong support (might be around $6600), then enters the consolidation phase.
- Top altcoins (ie. ETH, XRP, LTC, BNB, etc) will fly when BTC gets stable. Then the next coins have lower market caps will follow the top.