Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022
October 20 2022 - 3:16PM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis
videos, we are analyzing Bitcoin dominance (BTC.D) and how the
top cryptocurrency might perform in the near term against altcoins.
Take a look at the video below: VIDEO: Bitcoin Dominance Versus
Altcoins (BTC.D): October 20, 2022 In addition to the video
highlights listed below the video, we also analyze BTC.D using the
Ichimoku, Average Directional Index, LMACD, and other technical
tools. Related Reading: Is The Final Wave In Ethereum Up Next? |
ETHUSD Analysis October 19, 2022 Bitcoin Outperforms Altcoins
During Sideways Phase On daily timeframes, BTC.D is taking a short
pause, but is mostly still bullish according to price action and
technical indicators. Dominance is above the Tenkan-sen and
Kijun-sen on the Ichimoku, while flipped bullish on the LMACD. The
Average Directional Index at the bottom shows that trend strength
is weakening on daily timeframes and bulls have the upper hand
Bitcoin is has been outperforming altcoins | Source: ETHUSD on
TradingView.com Related Reading: Bitcoin Price Action Falls Flat |
BTCUSD Analysis October 18, 2022 Why Altcoin Season Could Be Over
For Some Time On weekly timeframes using the same tools, we can see
that dominance has only just turned bullish against altcoins, and
the Average Directional Index is hinting that this trend could soon
strengthen. On the Ichimoku, dominance is above the Tenkan-sen, but
not the Kijun-sen, making it the next logical target. Moving to
monthly timeframes, Bitcoin dominance is also bullish against alts
on the LMACD, and the ADX shows that altcoin season could be
cooling off for some time. The Ichimoku isn’t very telling, but
much like weekly timeframes, the Kijun-sen above could make for a
possible next target. But the trend could just be beginning |
Source: ETHUSD on TradingView.com Related Reading: A Bullish Week
In Bitcoin On The Way? BTCUSD Analysis October 17, 2022 Can Alts
Hold Onto 50% Of Crypto Dominance? Additional trend line TA shows
that BTC dominance possibly retested the neckline of a years old
inverse head and shoulders pattern, which includes the early 2018
alt season peak that came shortly after Bitcoin topped in December
2017 at $20,000. Shockingly, Bitcoin is trading below that level
some five years later. If Bitcoin dominance does reverse hard
against altcoins, the line in the sand to watch for is around 52%
dominance. Above there would trigger the first ever monthly buy
signal of Bitcoin against altcoins. Will BTC recapture 50% of
crypto market share? | Source: ETHUSD on TradingView.com Learn
crypto technical analysis yourself with the NewsBTC Trading Course.
Click here to access the free educational program. Follow
@TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram
for exclusive daily market insights and technical analysis
education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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