Bitcoin Dominance BTC.D - Downtrend continues! | Elliott Wave
- Bitcoin is still a very weak asset, compared to altcoins or the stock market index.
- As per my technical analysis, bitcoin's dominance should go down to the previous swing low established in 2018. You can bet there will be a bounce, but the question is, how big is the bounce going to be?
- As you can see on the chart, the ABCDE pattern has been completed, which usually indicates a final upcoming wave. It's something like triangles in fourth waves.
- It's hard to do an Elliott Wave count here, because this is not a standard chart. This chart can oscillate only between 100% and 0%. We don't know if the first drop from 100% to 35.41% is an A wave of the correction or a 1. wave of the impulse, because there is no major trend. It's an oscillator.
- There is a very high probability of going down to the previous swing low because charts like BNBBTC, LTCBTC, XMRBTC, TRXBTC and others look bullish.
- It's probably a good idea to switch to Bitcoin when the price reaches my target.
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