This time I won't cover the technical analysis of bitcoin again. I will look forward for the technical analysis of the bitcoin dominance in the market because like what we've known that the bitcoin's price is highly correlated with the bitcoin dominance in the crypto space.
Following my previous analysis about this dominance, we can see that there are 2 important patterns to watch both on the macro and micro level. The first important pattern for the macro level is the form of the uptrend channel. The dominance is still trending inside this channel whatsoever although it's now trending slightly above the lower support trend line.
The 2nd pattern is the bearish flag pattern (yellow) of current dominance and I even called this pattern since the dominance was around 66.42%. Specifically for this pattern, the dominance has given us a brief confirmation of this pattern comes true.
The main idea that I want to say here is that the confirmation of bearish flag on micro level has given the confirmation that the bears are gaining a huge strength to potentially breaks the lower support trend line on macro level up trend channel. With current condition, there might be a high probability that the dominance will push lower to breaks the current support. And if this happens, we'll see the dominance to test the white support trend line again which is around 50% level.
The weaken of the bitcoin dominance simply means the weaken of the bitcoin's market capitalization comparing to the total market cap in this crypto industry. Meaning that there is possible huge money outflow to occur in the future. With a huge money outflow means there will be a thickening in supply which will drive the price down.
Following my previous analysis about this dominance, we can see that there are 2 important patterns to watch both on the macro and micro level. The first important pattern for the macro level is the form of the uptrend channel. The dominance is still trending inside this channel whatsoever although it's now trending slightly above the lower support trend line.
The 2nd pattern is the bearish flag pattern (yellow) of current dominance and I even called this pattern since the dominance was around 66.42%. Specifically for this pattern, the dominance has given us a brief confirmation of this pattern comes true.
The main idea that I want to say here is that the confirmation of bearish flag on micro level has given the confirmation that the bears are gaining a huge strength to potentially breaks the lower support trend line on macro level up trend channel. With current condition, there might be a high probability that the dominance will push lower to breaks the current support. And if this happens, we'll see the dominance to test the white support trend line again which is around 50% level.
The weaken of the bitcoin dominance simply means the weaken of the bitcoin's market capitalization comparing to the total market cap in this crypto industry. Meaning that there is possible huge money outflow to occur in the future. With a huge money outflow means there will be a thickening in supply which will drive the price down.
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.