Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

The Bitcoin dominance rate looks primed for a short-term increase and breakout from its pattern. However, its long-term prospects still remain gloomy.

The Bitcoin price has been decreasing since making a rapid upward move on October 25. However, an interesting development is the fact that altcoins are not losing much value against Bitcoin. Therefore, their rate of decrease is the same or slower than that of BTC.

This is somewhat uncommon. Previously, during rapid BTC price increases or decreases, altcoins usually bleed out. This divergence in trend has led many to call for the beginning of “altseason” — a period in which altcoins experience very significant price increases.

Cryptocurrency analyst and trader @cryptoamsterdam stated that the Bitcoin dominance rate might be ready to increase after a period of consolidation. At the time of writing, it was breaking out in short-term time frames.

Long-Term Bitcoin Dominance

The long-term Bitcoin dominance rate shows strong resistance at 72.5 percent. Once the price reached it in September, it began to decrease.

Furthermore, we can see a bearish divergence in the RSI which is at its highest levels yet.

Additionally, we have a bearish cross in the MACD, which usually preceded downward moves.

Bitcoin Long-Term Dominance

Bitcoin Long-Term Dominance

Looking at the daily chart, we can see a possible descending triangle developing.

The Bitcoin price is currently at the resistance line of the triangle. A breakout above it and the wick resistance at 68.6 percent could trigger a rapid price increase.

However, due to the bearish outlook of the long-term chart, we believe this increase would end at a maximum of 70.5 percent.

Bitcoin Dominance Daily

Bitcoin Dominance Daily

Conclusion

To conclude, while the Bitcoin dominance rate might increase in the short-term, it looks to have reached a top and we expect it to decrease during the upcoming month.

Do you think the Bitcoin dominance rate will increase or will “Altseason” begin? Let us know in the comments below.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

No Comments

Be the first to start a conversation

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News