BTC Dominance at MONTHLY RESISTANCE
Sorry, Guys! I was busy, that is why I was unable to post any analysis.
Okay, Today's Analysis are very very very IMPORTANT, as it dictates the crypto market.
Bitcoin is the mother of all cryptos, if it moves, let's move accordingly.
First, let me give you the concept:
CONCEPT:
When the dominance of Bitcoin increases, the dominance of Altcoins decreases having mid to low cap. More bitcoin dominance means more people are investing in bitcoin. This means that market is investing in bitcoin and withdrawing their assets from altcoins which causes the altcoins to drop.
Let's understand the supply and demand concept.
For Bitcoin:
Supply = No. of bitcoins
Demand = No. of buyers
Now, currently is a demand for bitcoin has increased means more buyers are there in the market which directly pushes the dominance of bitcoin and ultimately leads to an increase in its price, and supply is becoming less.
For Alts:
Supply = No. of Altcoins with there supply ( More than 1000 alt cryptos with billions of supply )
Demand= Again the buyers
Now, as the Supply is immensely huge in altcoins but the buyers have shifted from altcoins to bitcoin causing a decrease in demand of altcoins, which lead to increase supply, and that caused the price to the dropdown.
That's why the price of ALTS has gone down.
Big Alts Like ETH, XRP having large Market Cap follow Bitcoins, but Mid to Low cap coins have a reverse effect of bitcoin dominance.
I have tried to educate you guys, I think you have got the idea of how Crypto Market works.
Chart Analysis:
Right now, Bitcoin dominance is between the Weekly Zone 61.98 and Monthly Zone 64.40. From 13 July, three candles have been into this zone and have been rejected by the support at 61.98.
Also, see how the Trend lines T1, T2, T3 are being respected. We might see some retrace back to 61.98, in that case, Alts are gonna PUMP BACK, if anyone holding the alts can exit during the retrace of bitcoin dominance.
Those holding Alts, don't panic, wait for the btc dominance to retrace back a bit.
BTC dominance is converging, so right now it's not stable. Let it find the support and resistance and be stabilized, then the alts will be back.
If next week the btc dominance candle breaks the monthly level 64.40 and a new candle is formed above this level, then BTC gonna pump more and Alts are gonna DUMP more.
If Btc retraces back from this level, we gonna see the pump of Altcoins.
Thanks guys,
I hope you have got the idea of how Bitcoin and let's work in this crypto market.
Okay, Today's Analysis are very very very IMPORTANT, as it dictates the crypto market.
Bitcoin is the mother of all cryptos, if it moves, let's move accordingly.
First, let me give you the concept:
CONCEPT:
When the dominance of Bitcoin increases, the dominance of Altcoins decreases having mid to low cap. More bitcoin dominance means more people are investing in bitcoin. This means that market is investing in bitcoin and withdrawing their assets from altcoins which causes the altcoins to drop.
Let's understand the supply and demand concept.
For Bitcoin:
Supply = No. of bitcoins
Demand = No. of buyers
Now, currently is a demand for bitcoin has increased means more buyers are there in the market which directly pushes the dominance of bitcoin and ultimately leads to an increase in its price, and supply is becoming less.
For Alts:
Supply = No. of Altcoins with there supply ( More than 1000 alt cryptos with billions of supply )
Demand= Again the buyers
Now, as the Supply is immensely huge in altcoins but the buyers have shifted from altcoins to bitcoin causing a decrease in demand of altcoins, which lead to increase supply, and that caused the price to the dropdown.
That's why the price of ALTS has gone down.
Big Alts Like ETH, XRP having large Market Cap follow Bitcoins, but Mid to Low cap coins have a reverse effect of bitcoin dominance.
I have tried to educate you guys, I think you have got the idea of how Crypto Market works.
Chart Analysis:
Right now, Bitcoin dominance is between the Weekly Zone 61.98 and Monthly Zone 64.40. From 13 July, three candles have been into this zone and have been rejected by the support at 61.98.
Also, see how the Trend lines T1, T2, T3 are being respected. We might see some retrace back to 61.98, in that case, Alts are gonna PUMP BACK, if anyone holding the alts can exit during the retrace of bitcoin dominance.
Those holding Alts, don't panic, wait for the btc dominance to retrace back a bit.
BTC dominance is converging, so right now it's not stable. Let it find the support and resistance and be stabilized, then the alts will be back.
If next week the btc dominance candle breaks the monthly level 64.40 and a new candle is formed above this level, then BTC gonna pump more and Alts are gonna DUMP more.
If Btc retraces back from this level, we gonna see the pump of Altcoins.
Thanks guys,
I hope you have got the idea of how Bitcoin and let's work in this crypto market.
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