Major moves in altcoins soon? ✍️
Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Let's talk about crypto market. Today i am going to discuss about market structure, focusing on Bitcoin dominance and altcoins. Bitcoin dominance has been in an uptrend for around 500 days since June 2023. We saw a breakdown in November after the FOMC meeting, but Bitcoin dominance reclaimed the uptrend and rose. However, currently, it is breaking below the 500-day uptrend channel. Bitcoin dominance peaked above 61% but faced rejection near the 60% level. This indicates weakness, as it failed to break previous highs and is now showing lower highs, signaling a downtrend. When the market creates lower lows and lower highs, it confirms a downtrend.
If Bitcoin dominance breaks below 21 EMA, it signals weakness and could indicate a positive move for altcoins. The overall crypto market cap is at $3.4 trillion, and breaking resistance could lead to new highs, similar to what happened in 2021. In the USD dominance chart, we’re seeing a decline since November 2022, breaking below the 7-year support line. This indicates weakness, and the market could shift to altcoins. Ethereum has been in an uptrend, but it faces resistance near the $4000 range. Repeated attempts to break this level indicate increasing selling pressure. If Ethereum breaks this resistance, we might see new highs above $8000. Keep an eye on these market trends as they indicate potential moves for both Bitcoin and altcoins. That's it for today. Thanks & have a good day!!