📈 Bitcoin Dominance (April 2024) — Altcoins vs Bitcoin

Hello my fellow Cryptocurrency lover, I am looking at the Bitcoin Dominance chart today at your request; let's see what the chart has to say!

First, an introduction!

The Bitcoin Dominance chart is an index, it shows Bitcoin's dominance within the Cryptocurrency market.

This chart will not tell you if Bitcoin or the Altcoins are going down or up but this is something we can extrapolate from the data.

➖ We can read the chart and/or make a prediction.
➖ Reading the chart is super easy.
➖ Making a prediction is also easy.
➖ What can be hard is to be accurate.

I can read this chart and succeed with my prediction but this doesn't necessarily mean that Bitcoin or the Altcoins will move in certain ways. The way the market behaves will vary depending on the market phase and cycle.

For example:

➖ Bitcoin dominance going up can be translated into Bitcoin growing faster than the rest of the market.

➖ Bitcoin dominance going up can also mean that the major Altcoins are dropping more and faster than Bitcoin. So Bitcoin can drop together with the Altcoins and yet the dominance goes up.

➖ Bitcoin dominance can go up if Bitcoin rises while the rest of the market drops.

➖ Another interpretation is the Altcoins market growing when Bitcoin dominance goes down (for obvious reasons), etc.

You decide how to interpret the information, we will focus on the chart.


Bitcoin Dominance Weekly Timeframe @AlanSantana

We have a bullish chart. The black line on the chart stands for MA200 and BTC.D is trading safely above this level which is strongly bullish.

We have an ascending triangle that already broke bullish as well. The action currently stands above Fib. resistance (now support).

We have a very clear increase in trading volume as Bitcoin's dominance rises.

While bear volume was strong in early March, last week close fully nullify these bearish sessions and the technicals are now full green.

The RSI is really strong at 65 but showing a weak bearish divergence since October 2023.


Prediction

Let's see what we can do.

Last week wicked at resistance but closed below.

➖ We have many bullish signals with a bullish chart but a tricky market situation, Bitcoin is set for a major correction.

Here is my prediction:

👉 The Altcoins have gone down much more than Bitcoin, the big market cap. ones.
👉 The Altcoins being more advanced in their correction, will bottom before Bitcoin.
👉 The Altcoins will start to recover before Bitcoin based on these assumptions.

👉 As Bitcoin continues with its corrections while the Altcoins recover, BTC.D moves down.

The chart is bullish and pointing up, but my prediction says: Down we go!

Namaste.

Comment:

Let's have a closer look at the ascending triangle; daily TF:

This is a hard one because we have to reach a bearish conclusion on bullish signal, so you can imagine.

➖ We can see the peak 13-Apr. closing the next day below resistance.
➖ Today's session already wicked higher and is aiming lower.

So far the lower timeframe confirms the conclusion we reached on the higher timeframe but things can change.

Make sure to plan for all scenarios and stay safe.
Always secure profits on the way up (or on the way down if you are selling short).

Thanks a lot for your continued support.

Namaste.