Bitcoin is outperforming altcoins – FXStreet

Gregor Horvat Gregor Horvat

Hello Crypto traders and investors, today we will talk about dominance in the Crypto market as we see some major changes with interesting developments.
Crypto market is trading at the lows and extreme levels, especially ALTcoins which suffered a massive drop, actually greater than Bitcoin. The main reason is that BTC. Dominance is waking up, while ALTcoin.Dominance is turning down. This is a major reversal in dominance at specific time, in the bear trend actually and that's why ALTcoins are suffering more.
If we take a look on BTC.D/OTHERS.D daily chart, which is actually a ratio chart between Bitcoin. dominance and altcoins. dominance, we can clearly see it trading impulsively higher away from the lows. In Elliott Wave theory, we can actually expect a five-wave bullish impulse, so seems like BTC will dominate in upcoming weeks/months.

Another chart that suggests and confirms stronger BTC compared to ALTcoins is also ETHBTC. As you can see, ETHBTC is coming down because of BTC dominance and from Elliott Wave perspective there's room for more weakness after recent A-B-C corrective flat pattern in wave (B)/(2). So, ETHBTC is now falling either for wave (C) or maybe even wave (3) with room at least down to 0.059 – 0.050 area, if not even lower.
Generally speaking, we believe that support in the Crypto market may not be far away and recovery may show up anytime soon. So, with rising BTC.dominance, we can expect Bitcoin to be first coin with a bullish reversal once Crypto market finds the support/bottom.
Get Full Access To Our Premium Analysis For 14 Days. Click here!

By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on are provided for informational and educational purposes only!
By using the information and services of you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Binance Coin price faces a decision as it knocks on the doors of significantly stacked resistance barriers. Clearing these blockades is the only way BNB can trigger a swift run-up to important levels.
Polygon (MATIC) price has had difficulty finding a supportive floor for bulls to get a foot in the door and price action moving higher. Now, however, a floor looks to have been identified at $0.62, with price action consolidating just above. 
Shiba Inu price is stuck trading inside a range for nearly two weeks and shows signs of exploding soon. Interested investors can ride this wave, which is likely going to be volatile and quick.
Bitcoin price has been dominated by bearish sentiment recently, but the BTC trend might be nearing a turnaround. Several leading analysts in the crypto community are arguing that Bitcoin price action has developed in a more irregular manner over the years and diminishing “cycles” imply Bitcoin has bottomed out. 
Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Leave a Reply

Your email address will not be published. Required fields are marked *