DarkWaveHunter

BTC Dominance; struggle to survive in long-term

Short
CRYPTOCAP:BTC.D   Market Cap BTC Dominance, % (CALCULATED BY TRADINGVIEW)
BTC dominance rejected from a key zone. Continuation signs of this bearish trend in price action promise some deep targets. Could be very interesting for the Alts market.
But beside that, this is a big deal for the future of cryptos. It’s like other big and revolutionary technological progress that we had in the past. For instance, compare market share of Nokia now and past decades. When you see some progress and inventions in short-terms, that means in long-term there would be important changes in businesses and those who are dominant in them. And changes in crypto business are very fast and significant.
I’ll post my own price action algorithmic analysis of this chart in the updates soon. That’s among the best predictor of the future moves I’ve ever seen.
Comment: This is my own algo's vision of it. Almost lost a critical support and needs minor confirms to get out of this zone downward.
Comment: Here we are
Reached first target
It's clear that losing 59-58 may lead to catastrophe and therefore next target ~50. Also 54 seems to be a heavy support.
Comment: Waiting for bearish signals but bulls would be strong if it makes more HH.

Comments

So, you say that BTC is going down?
Reply
DarkWaveHunter stefanjokovic
@stefanjokovic,
BTC can do some correction from where it is now, but probably that isn't for good and in long term the outlook for BTC itself is bullish.
This chart is about its dominance in the cryptos market. If BTC's dominance drops that doesn't necessarily means BTC itself going to drop too.
+2 Reply
It's a good time to be holding quality alts. My sense is that BTC.d is likely to fall in the short term but then bounce back once the useless $hit¢oins and scam tokens (e.g. XRP, DOGE, TRX, BCH, LTC, etc) get pumped and dumped. 🙏🏼♾️🍄
Reply
DarkWaveHunter IamPhoenix33
@IamPhoenix33, Well It more a matter of FA than TA. As I said there're many innovations in cryptos market that challenges dominance of BTC in the long-term. But technically there are some support levels down there that could be potentially strong. So we should wait and see.
Thanks for sharing your idea 🙏🏼
+1 Reply
IamPhoenix33 DarkWaveHunter
@DarkWaveHunter, Mmmmmm yes, thank you. 💚
Reply