Bitcoin dom shows which direction the money in the market is going. Investors can understand how to evaluate their investments by looking at the Bitcoin dom and can take positions accordingly.
Bitcoin dominance continues to rise incessantly.. Breaking the Dom 70 hurdle is set to quickly test the support of the uptrend from 2018 to 2020. If it tests this level in the next 3 days, it will be around 75.5.. If it exceeds this level, the last stop is 79.43!
What is Bitcoin dominance (DOM)?
Bitcoin Dom is short for the English word dominance. Bitcoin Dom is a metric that investors can use to quickly understand the value of Bitcoin in the overall crypto market.. The price of any asset is a result of supply and demand.. Therefore, this index effectively measures Bitcoin demand relative to altcoin demand..
Altcoin future depends on this closure
Bitcoin fell rapidly on December 21, there is uncertainty in the market; but there is a forgotten truth. Bitcoin is well above its old ATH, which seems like a dream.. Well then wouldn’t the altseason have already started?
BTC Dominance is a unit that scales all other cryptocurrencies against Bitcoin. Ethereum, XRP and all other altcoins focused on Bitcoin Dom’s December close.
Is altcoin season coming?
Bitcoin is strong and BTC Dom continues to rise while altcoins are having trouble rising. Owns 72% of the market cap of the entire cryptocurrency market.
3 Technical indicator says BTC Dom will rise
MACD indicator seen in the chart above shows that Bitcoin may rise. A short-lived DeFi trend caused reds on the chart, but December was again green for Bitcoin and red for bottoms.
The MACD values shown with the bullish trend are both bullish.. Dom reached from 40% to 70% in the last bull crossing. We are now in another transition period but monthly closing required for confirmation. So there is still some time for altcoins as a last hope..
The second indicator, Bolinger Bands. Bolinger shows how altcoins are running out on a monthly basis. At the close of the month, a buy-sell decision can be made when the moving average is above or below the middle line..
NOTE: You can take a look at our previous analysis.
If the range close is above the midline, Dominance will rise above 70%. can crush the bottom. If it goes below the middle line, it can bring the subseason..
However, if Bitcoin Dom closes December outside of the Ichimoku Cloud, it could mean bad news for altcoins. Normally, assets trading on Tenkan-Sen (blue line) are considered bullish.. The lines with the blue and red arrows on the chart indicate the continuation of the uptrend..
The Ichimoku cloud or close above “Kumo” on the BTC Dom chart could bring a doomsday scenario for altcoins.
Kumo sheds light on future price movements. In this case, the red cloud signals that BTC Dom could potentially be bearish..
Altcoins could melt against BTC if Bitcoin Dom’s December close breaks above one of the key levels. If things turn upside down and the closure is below one of the key regions, it could be said that the subseason is finally here.
Source
Bitcoin dominance technical analysis 20 December
Bitcoin dominance formed a doji candle at the end of the previous day. Doji candles signify trend reversal. It was a development that all market participants were looking forward to waiting for in altcoins.. However, DOM broke our expectation by closing the end of the day above the doji candle yesterday..
As of the time of analysis, DOM is in log support. In order for altcoin investors to continue their expectations, the priority should close the end of the day below 66.55.. Let’s first look at the Bitcoin graph for the possibility of this happening.
Bitcoin has entered the area we marked with the box again.. This is our bull scenario for Altcoins. If Bitcoin starts consolidating at $1100 volatility, capital will exit BTC and move to the bottoms.. This means that the altcoin investor will receive what he has been waiting for a long time in 1 month.. Click on our Bitcoin technical analysis article for more detailed information..
When is the altcoin bull run?
Whenever the 21-day moving average crosses the 50-day moving average, Bitcoin takes capital from the altcoin. Whenever the 21-day moving average crosses the 50-day moving average, this time altcoins capitalize on bitcoin and the long-running altcoin bull run begins..