Hello Traders!
On the Bitcoin Dominance chart, there was a second test of the 40.12 support level
In case the market starts recovering, after correcting to Bitcoin's $46000 - $48000 we may see a significant recovery in altcoin prices as well.
This situation will be reflected on the dominance chart by a second attempt to break the support level of 40.12
Bitcoin is currently trading in a wide $40900 - $50500 price range.
Continued trading in this range gives chances for an altcoin to rise and decline dominance into the 36.28 - 40.12 zone.
The 36.28 - 40.12 range acted as a reversal zone in the 2017 rally. Therefore, altcoin holders should be cautious.
Bitcoin's exit beyond the $50500 resistance level could be a trigger for a new rally because at that time, all the money will start to flow into the index.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
On the Bitcoin Dominance chart, there was a second test of the 40.12 support level
In case the market starts recovering, after correcting to Bitcoin's $46000 - $48000 we may see a significant recovery in altcoin prices as well.
This situation will be reflected on the dominance chart by a second attempt to break the support level of 40.12
Bitcoin is currently trading in a wide $40900 - $50500 price range.
Continued trading in this range gives chances for an altcoin to rise and decline dominance into the 36.28 - 40.12 zone.
The 36.28 - 40.12 range acted as a reversal zone in the 2017 rally. Therefore, altcoin holders should be cautious.
Bitcoin's exit beyond the $50500 resistance level could be a trigger for a new rally because at that time, all the money will start to flow into the index.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice