Bitcoin: BTC Bears Need To Wait For Confirmation (September 2019)
- 5 years ago
Bitcoin: BTC Bears Need To Wait For Confirmation (September 2019)
Bitcoin dominance has declined further. In our Saturday’s analysis on Bitcoin (BTC) we discussed how a falling Bitcoin dominance is good for the bullish morale because when Bitcoin dominance falls it means that people have confidence in cryptocurrencies other than Bitcoin as well. The dominance level has declined significantly from when we posted the chart and as we can see it is now resting on a strong support. If we are to see further downside follow in BTC/USD then this support for Bitcoin dominance cannot break. If Bitcoin dominance ends up breaking this support, then we should be prepared for a strong run up in altcoins which could potentially lead to new yearly highs in some altcoins in the weeks ahead.
Bitcoin dominance has declined further. In our Saturday’s analysis on Bitcoin (BTC) we discussed how a falling Bitcoin dominance is good for the bullish morale because when Bitcoin dominance falls it means that people have confidence in cryptocurrencies other than Bitcoin as well. The dominance level has declined significantly from when we posted the chart and as we can see it is now resting on a strong support. If we are to see further downside follow in BTC/USD then this support for Bitcoin dominance cannot break. If Bitcoin dominance ends up breaking this support, then we should be prepared for a strong run up in altcoins which could potentially lead to new yearly highs in some altcoins in the weeks ahead.