Bitcoin Dominance Update

[zopim savo]

06:30:01 PM 04/24/21
Bitcoin Dominance Update

https://i.postimg.cc/kXZsmr2h/IMG-20210424-182706-929.jpg

Bitcoin Dominance is bouncing from the long horizontal support line and also tests the psychological support of 50%. There are two possible scenarios now.

The first one is that Dominance bounced from here and test the 58% resistance area and if breaks above it we see a retest of 64% resistance area. In that case, alts will bleed in the BTC pair.

The second case is that Dominance breaks and closes below the 50% area. That will trigger the targets of 45% area and after that 40% area. This is bullish for alts and we see a good altseason in BTC pair. However, there is a low probability that Dominance goes to the 40% level sooner.

Alts market is going parabolic since January 2021 and we see huge gains in the alts market already. Check any altcoin chart and you see a parabolic move without any correction. We expecting a correction in the alt market before the next rally start. We will continue to find TA + FA gems that will give good returns in every situation. Happy Earning 😊

https://1.bp.blogspot.com/-o1np3vfW26U/YIRwMrsea1I/AAAAAAAAJV4/uN7LJWsC4_8bmE0GggiT8FJJn1NXpFAZACLcBGAsYHQ/s953/IMG_20210425_021919_031.jpg

update 04/24/2021

Fear & Greed Index is now at fear zone. The last month and week has extreme greed and that is one of the reason for the correction. Now the Fear & Greed index is reset and we may see some accumulation here. Strong hands holding and buying more while inexperience traders selling in panic.

[1714770589]

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[dansus021]

here the chart

[pooya87]

That's market cap ratio not dominance and it only goes up whenever bitcoin price is stable and/or altcoins are pump and dumping hard. For example before this recent drop bitcoin was moderately stable so altcoins pumped hard and as bitcoin price came down a little the altcoin bloodbath started so they dumped hard and the market cap ratio went back up again.

It is meaningless nonetheless. Shitcoins are pump and dumping like always regardless of what the total ratio (dividing the real bitcoin market by nearly 10k shitcoin's market cap) is!

[hd49728]

That's market cap ratio not dominance and it only goes up whenever bitcoin price is stable and/or altcoins are pump and dumping hard. For example before this recent drop bitcoin was moderately stable so altcoins pumped hard and as bitcoin price came down a little the altcoin bloodbath started so they dumped hard and the market cap ratio went back up again.

Bitcoin dominance will be fallen because the bull market brings many new shit coin projects to the total marketcap. Shit coin can have a marketcap rise 10x, 100x in a hour and fall back as fastly as that. Their pumping marketcap can last days or weeks and they can create a net effect of shit cap. Bitcoin will get it has and how it dominates the marketcap when the bull run of altcoin stops. Especially when the crypto market has another bear market.

It is meaningless nonetheless. Shitcoins are pump and dumping like always regardless of what the total ratio (dividing the real bitcoin market by nearly 10k shitcoin's market cap) is!

Bear market will take the masks of altcoins down and their real values will be shown. Their total marketcap will be divided 50x, or 100x.

[Tytanowy Janusz]

Why people use TA on charts that are not based on supply and demand? Only because you can draw lines on chart does not mean you should. This chart moves completely random because it is only the resultant of BTC value and altcoins value, when total altcoins value is not even directly based on supply and demand since every day dozens of new coins appear and boost this number. So supports/trends lines does not makes sense.

[virasog]

06:30:01 PM 03/24/21
Bitcoin Dominance Update

Bitcoin Dominance is bouncing from the long horizontal support line and also tests the psychological support of 50%. There are two possible scenarios now.

The first one is that Dominance bounced from here and test the 58% resistance area and if breaks above it we see a retest of 64% resistance area. In that case, alts will bleed in the BTC pair.

The second case is that Dominance breaks and closes below the 50% area. That will trigger the targets of 45% area and after that 40% area. This is bullish for alts and we see a good altseason in BTC pair. However, there is a low probability that Dominance goes to the 40% level sooner.

Alts market is going parabolic since January 2021 and we see huge gains in the alts market already. Check any altcoin chart and you see a parabolic move without any correction. We expecting a correction in the alt market before the next rally start. We will continue to find TA + FA gems that will give good returns in every situation. Happy Earning 😊

I don't think that bitcoin dominance will keep on decreasing. It will bounce back from the support before going further down. If the bitcoin dominance increase with bitcoin price also decreasing, then it means that money is moving out of crypto and altcoins will bleed.

[noormcs5]

Why people use TA on charts that are not based on supply and demand? Only because you can draw lines on chart does not mean you should. This chart moves completely random because it is only the resultant of BTC value and altcoins value, when total altcoins value is not even directly based on supply and demand since every day dozens of new coins appear and boost this number. So supports/trends lines does not makes sense.

Technical analysis show the trend of the market and based on this, you can predict the future moves in the market. However, nothing is 100% predictable, but TA can help you make better trades. Just try to make two trades, one with support of TA and other one without TA, the probability of success is greater with trades taken with help of TA.

[Tytanowy Janusz]

Technical analysis show the trend of the market and based on this, you can predict the future moves in the market. However, nothing is 100% predictable, but TA can help you make better trades. Just try to make two trades, one with support of TA and other one without TA, the probability of success is greater with trades taken with help of TA.

"Just try to make two trades, one with support of TA and other one without TA," ... Man I'm leaving from trading/investing for 4 years, trading/investing for more than 6 years. I did thousands of trades. Dozens of investments. "try to make two trades" XD

1- TA gives statistic advantage ... yea ... lets say 40:60 (fail:success) ok? So you need to do at least 50-100 trades to jump out of "small sample error" and you need to be perfect with each of them. 1 mistake and you are no longer at 40:60. It does not work on "Just try to make two trades"
2- When I was starting my journey with investing, trader with 30 year experience said to me: "If you want to play technical, check if chart was moving technical". Simply some charts moves from upper band to lower, are easy to trade. Like this one:


Some are to affected by emotional investors - like most shitcoins now, especially low caps and are uchartable. Some are just the resultant of 2 other charts and moves close to random.

[michellee]

Well, we better wait and see when bitcoin dominance will go up.

Meanwhile, we can enjoy this moment by analyzing or watching the market moves because I think the market is now really unpredicted. Last night I watch the altcoin moved, and the movement is not too good to trade, but if you want to buy and hold, I think that still okay to do. But I guess we will see a pump and dump scenario soon, so be careful.

[zopim savo]

06:30:01 PM 03/24/21
Bitcoin Dominance Update

Bitcoin Dominance is bouncing from the long horizontal support line and also tests the psychological support of 50%. There are two possible scenarios now.

This is the comparison of the 2017 bull run and 2021 bull run. The above chart is of the 2017 bull run where BTC take the support of 50 MA (yellow line) multiple times and finally broke below it and tested the 111 MA (orange line). After the test of 111 MA, BTC bounced back and started a new rally.

The same pattern is found in the 2021 bull run. BTC tested the 50 MA multiple times and broke below it and tested the 111 MA. BTC is now all set to start a new rally. History rhythms itself and if the chart repeats we see $100,000 in the next 2-3 months. Keep Learning, Keep Earning😊

The first one is that Dominance bounced from here and test the 58% resistance area and if breaks above it we see a retest of 64% resistance area. In that case, alts will bleed in the BTC pair.

The second case is that Dominance breaks and closes below the 50% area. That will trigger the targets of 45% area and after that 40% area. This is bullish for alts and we see a good altseason in BTC pair. However, there is a low probability that Dominance goes to the 40% level sooner.

Alts market is going parabolic since January 2021 and we see huge gains in the alts market already. Check any altcoin chart and you see a parabolic move without any correction. We expecting a correction in the alt market before the next rally start. We will continue to find TA + FA gems that will give good returns in every situation. Happy Earning 😊

https://i.postimg.cc/kXZsmr2h/IMG-20210424-182706-929.jpg

This is the comparison of the 2017 bull run and 2021 bull run. The above chart is of the 2017 bull run where BTC take the support of 50 MA (yellow line) multiple times and finally broke below it and tested the 111 MA (orange line). After the test of 111 MA, BTC bounced back and started a new rally.

The same pattern is found in the 2021 bull run. BTC tested the 50 MA multiple times and broke below it and tested the 111 MA. BTC is now all set to start a new rally. History rhythms itself and if the chart repeats we see $100,000 in the next 2-3 months. Keep Learning, Keep Earning😊

[noormcs5]

Well, we better wait and see when bitcoin dominance will go up.

Meanwhile, we can enjoy this moment by analyzing or watching the market moves because I think the market is now really unpredicted. Last night I watch the altcoin moved, and the movement is not too good to trade, but if you want to buy and hold, I think that still okay to do. But I guess we will see a pump and dump scenario soon, so be careful.

The altcoin market is not tradable at this moment. As the altcoins are not pumping at all but are mostly dumping as soon as bitcoin dumps a little. Its better to stay away from the market until bitcoin makes it next move. Either bitcoin should move above 53K or dump to the 45K level. After that, we may see some momentum in altcoins.

[zopim savo]

06:30:01 PM 04/24/21
Bitcoin Dominance Update

https://i.postimg.cc/kXZsmr2h/IMG-20210424-182706-929.jpg

Bitcoin Dominance is bouncing from the long horizontal support line and also tests the psychological support of 50%. There are two possible scenarios now.

The first one is that Dominance bounced from here and test the 58% resistance area and if breaks above it we see a retest of 64% resistance area. In that case, alts will bleed in the BTC pair.

The second case is that Dominance breaks and closes below the 50% area. That will trigger the targets of 45% area and after that 40% area. This is bullish for alts and we see a good altseason in BTC pair. However, there is a low probability that Dominance goes to the 40% level sooner.

Alts market is going parabolic since January 2021 and we see huge gains in the alts market already. Check any altcoin chart and you see a parabolic move without any correction. We expecting a correction in the alt market before the next rally start. We will continue to find TA + FA gems that will give good returns in every situation. Happy Earning 😊

https://1.bp.blogspot.com/-o1np3vfW26U/YIRwMrsea1I/AAAAAAAAJV4/uN7LJWsC4_8bmE0GggiT8FJJn1NXpFAZACLcBGAsYHQ/s953/IMG_20210425_021919_031.jpg

update 04/24/2021

Fear & Greed Index is now at fear zone. The last month and week has extreme greed and that is one of the reason for the correction. Now the Fear & Greed index is reset and we may see some accumulation here. Strong hands holding and buying more while inexperience traders selling in panic.

latest news, can add material to reference the development of BTC.

Big news for Bitcoin🚀🚀

JPMorgan Bitcoin fund will launch this summer and JPMorgan will allow its users to invest in Bitcoin. JPMorgan is the largest bank in US. Think when it's investors get their hands on BTC. The rally is programmed. HODL your Bitcoin bags. The last wave is started.

[Wind_FURY]

That's market cap ratio not dominance and it only goes up whenever bitcoin price is stable and/or altcoins are pump and dumping hard. For example before this recent drop bitcoin was moderately stable so altcoins pumped hard and as bitcoin price came down a little the altcoin bloodbath started so they dumped hard and the market cap ratio went back up again.

It is meaningless nonetheless. Shitcoins are pump and dumping like always regardless of what the total ratio (dividing the real bitcoin market by nearly 10k shitcoin's market cap) is!

Give them their chance to celebrate, pooyah87. It’s a bull market, with Bitcoin on its way to a 6-digit price valuation per coin. You should be happy, and give them their few months of their happiness with shitcoins before they go back to becoming Bitcoiners again.

[Ararbermas]

Well, we better wait and see when bitcoin dominance will go up.

we need more results for this.. Its kinda scary but still we have no enough proofs what will happen to bitcoin. So at this point we should wait and be patient instead.

Last night I watch the altcoin moved, and the movement is not too good to trade, but if you want to buy and hold, I think that still okay to do. But I guess we will see a pump and dump scenario soon, so be careful.

actually I've been monitoring altcoin market since the day it makes good improvements in some coin until now.. And yes lately i don't see a good performance from it.. Maybe  they are currently doing the same thing while bitcoin struggling to make pumps.. Wherein accumulating to support alts in my opinion.

[bbc.reporter]

Who is dumping bitcoin on us? Can it be speculated that this might be another insitution trimming their holdings by a certain percentage similar to what Tesla has done?

I never saw this mentioned in the forum, however, Tesla sold 10% of its bitcoin.



Tesla sold some of its bitcoin (BTC, -4.1%) stash in the first quarter for $272 million in proceeds.

The sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn said on an earnings call Monday.

Source https://www.coindesk.com/tesla-sold-bitcoin-in-q1-for-proceeds-of-272m

[adaseb]

Tesla selling bitcoin is old news. It was originally bearish however given that they only sold 10%, people considered it pretty bullish. They sold for 2 reasons. One was to test liquidity to make sure they can exit the entire position without moving the market and the rest was they needed the cash for something else, hence why they sold some of it.

Its not bad to take profits from time to time so its understandable what they did. You all should take profits even if its just 10%. Sure it might rally from here however if it topped $65K at least you don't want to be holding the bag for years without taking any profits along the way.

[iram3130]

Not just Bitcoin dominance decreasing day by day, ETH dominance is gaining everything which has been taken out of BTC. Most of the non-pumped coins are taking huge momentum. I am still afraid that if BTC starts moving then everything will fall like a house of cards. I am selling my alts at this moment because we all know how alt season turns out every time.  

[Stanlo]

The real altcoin season is here no doubt but what will come next after this? The almighty red market  if you are smart this is the time to sell what you can and take profits before it's too late

[BrewMaster]

this is a good news for bitcoin if you think about it and it is signalling the start of the big bull market that is going to be very similar to 2017.
this is showing that there are a lot of brand new investors coming into the cryptocurrency market and like always they are fooled into buying altcoins. all these investors are bringing a lot of money into this market and will eventually end up only buying bitcoin after losing some money in the altcoin game. by that time we will see the bitcoin price spike big time.

[thecodebear]

Looks like the market is retail heavy right now. Seems institutions have taken a break, hence Bitcoin chillin around $50k-$60k the past few months, normalizing that price for a while before the next leg upwards. Meanwhile new retail speculators are coming in to the market not knowing what they are doing and pumping altcoins. Ethereum is probably greatly benefiting from Coinbase opening up staking as that will be the easiest way for millions of Americans to earn income from their Ethereum.

Inevitably the altcoins are going to dump and those new retail speculators are gonna run to safety in bitcoin when they finally start to realize that ignoring bitcoin and going all in on altcoins is not a winning strategy. That said, smart contract platforms and dapps will continue to grow and take up more and more of the market. Bitcoin dominance is low now and it will surely claw back a good amount once the inevitable altcoin dump comes, but Ethereum and the winners or the smart contract space will likely take up a significant portion of the market share in the future.