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Gregor Horvat
Wavetraders
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.
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