Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead?
Bitcoin has made a bit of a recovery today in the wake of comments by US Treasury Secretary Steve Mnuchin. The 8 percent pump has left altcoins in the digital dust again as BTC market share knocks on the door of 70 percent.
Bitcoin Briefly Back at $11,000
This time yesterday Bitcoin was trading very close to $10k after falling below it briefly on Sunday. The king of crypto started to recover during US trading when it tapped $11,000 once again. There was no big dump from resistance and BTC has remained higher than Monday’s levels, trading at around $10,800 at the moment.
Long term trader ‘CryptoFibonacci’ has been eyeing the charts for possible areas of support and resistance and it is clear that just below $11k is one of them. The 50 day moving average is also key and this held during the big selloff over the past couple of days.
“The 38.2 Fib retrace, 10 and 20 ema’s are major resistance. So, it’s pretty simple to me. Get past this, or else.”
Bitcoin Price Still on Track to Hit $6,200, Eerily Accurate Fractal Predicts
Saturday December 07, 2019
Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did...
The post Bitcoin Price Still on Track to Hit $6,200, Eerily Accurate Fractal Predicts appeared first on 12bitplay - Bitcoin Play.
$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 ema's are major resistance. So, it's pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019
Lack of Liquidity Near Current Bitcoin Price Hints at Targets Near $6900, $7900
Friday December 06, 2019
Bitcoin price has been trading within a tight trading range over the past week, making a few sharp stop runs in the process to liquidate over-leveraged margin traders. One prominent crypto trader says that...
The post Lack of Liquidity Near Current Bitcoin Price Hints at Targets Near $6900, $7900 appeared first on 12bitplay - Bitcoin Play.
Zooming out still shows an ominous head and shoulders pattern which is traditionally a bearish trend reversal indicator. That said, over the past three months Bitcoin has defied most technical analysis and done its own thing.
BTC Dominance High Is The Norm
Today’s 8 percent pump has lifted market dominance to 69.75% according to Tradingview.com. This equals the high in early December 2017 as Bitcoin was winding up to its big run up to ATH. The previous high was back in July 2017 when market share tapped 77.5%, and before then BTC was the only cryptocurrency.
BTC dominance. Coinmarketcap
Trader and Analyst Luke Martin has pointed out that a high Bitcoin dominance is the norm for crypto markets. For most of its history Bitcoin has dominated over 90% of the market, only in March 2017 did this start to change with the rise of Ethereum and other altcoins.
“$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.”
Even 2019’s Best Performing Cryptocurrency is Getting Affected by the Bear Trend
Tuesday December 10, 2019
Bloomberg called Binance Coin the best-performing cryptocurrency of 2019 but it nevertheless remains vulnerable to traders’ intrinsic greed. The native token of one of the world’s largest crypto exchanges, Binance, has surged by more...
The post Even 2019’s Best Performing Cryptocurrency is Getting Affected by the Bear Trend appeared first on 12bitplay - Bitcoin Play.
$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019
At the moment the altcoins are still on the floor, very few have made any effort at recovery from yesterday’s altcoin apocalypse. Total crypto market capitalization is $13 billion heavier today but that is nearly all Bitcoin’s doing.
Only Bitcoin’s two siblings, BCH and BSV are making any substantial moves today as the rival coins add around 10 percent each climbing to $310 and $130 respectively.
Image from Shutterstock
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