BTC Dominance to Decrease? (August 12, 2021)
Looking at the daily chart, BTC dominance went 4 waves down and managed to break the triangle, which is a continuation pattern for more downside.
Since it managed to break its 4th wave, I expect to see a 5th wave to the downside to target the 61.8% Fibonacci Extension at 35.00 and the 78.6% Fibonacci Extension at 32.07 as our second target.
What is Bitcoin Dominance?
Bitcoin Dominance is a measure of how much of the total market cap of crypto is comprised of Bitcoin. It can help you understand the trend of BTC and alts. See the current Bitcoin dominance.
The most important thing about Bitcoin Dominance is that it can help you understand if altcoins are in a downtrend or uptrend against BTC.
1- When BTC Dominance increases, alts, on the whole, lose value against BTC.
2- When BTC Dominance decreases, alts on the whole, gain value against BTC.
Since it managed to break its 4th wave, I expect to see a 5th wave to the downside to target the 61.8% Fibonacci Extension at 35.00 and the 78.6% Fibonacci Extension at 32.07 as our second target.
What is Bitcoin Dominance?
Bitcoin Dominance is a measure of how much of the total market cap of crypto is comprised of Bitcoin. It can help you understand the trend of BTC and alts. See the current Bitcoin dominance.
The most important thing about Bitcoin Dominance is that it can help you understand if altcoins are in a downtrend or uptrend against BTC.
1- When BTC Dominance increases, alts, on the whole, lose value against BTC.
2- When BTC Dominance decreases, alts on the whole, gain value against BTC.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.