Bull Flag Forming On Bitcoin Dominance Could Deal Crushing Blow to Altcoins

2020-6-9 20:30

Browsing through crypto Twitter or any Bitcoin or cryptocurrency-related subreddit, lately, there’s been talk of an altcoin season brewing right under the noses of crypto investors everywhere. However, a bull flag forming on BTC dominance could not only keep an alt season from occurring, but it could also deal altcoins a crushing blow and bring their valuations a lot closer to zero. Cryptocurrency Market Reaches a Pivotal Moment For Bitcoin and Altcoins The cryptocurrency market is at a critical junction. Bitcoin sentiment is bullish once again. Fundamentals are screaming buy, and technicals point to the asset’s long-term uptrend resuming. The same can’t be said for altcoins, which seem to be struggling to find momentum alongside the first-ever cryptocurrency. Even clear breakouts through over 800-days of downtrend resistance have thus far failed to reignite the interest in the altcoin space that once was. Related Reading | Venture Capitalist: Crypto Gains Won’t Come As Easy During Next Bull Run  Venture capitalists conclude that the days of easy money in crypto are likely over. Some analysts even claim that these assets will never revisit their former all-time high valuations, while others believe that altcoins will eventually go to zero. If a chart pattern in BTC dominance charts confirms as valid, altcoins will soon find themselves a lot closer to zero, as Bitcoin could soon eclipse the alternative crypto assets. BTC Dominance Could Spike to 85% If Bull Flag Pattern Confirms Bitcoin’s last halving kick-started the first-ever altcoin season, but this time around, alts have only suffered. The suffering may pick up in severity, according to BTC dominance charts which are signaling continuation to the upside with a clear bull flag formation. Bull flags are often continuation patterns, and typically break bullish to the upside. Bull flags have a tendency to trend downward before the upward breakout, further shocking bears with a powerful pump. These moves are calculated by taking the flag pole and adding its length to the top of the pattern where the breakout occurs. In the chart above, at the end of the crypto bubble, BTC dominance formed a W-shaped double bottom. The initial rise from there formed a bull flag and downward sloping channel. This pattern eventually broke up, confirming the bull flag pattern as valid. After another measured move matching the height of the first flag pole, another bull flag appears to be forming. Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend  If this, second, downward sloping channel breaks upward, it could send BTC dominance to nearly 85%. Such a move would either require an enormous move in Bitcoin to the upside that isn’t reflected in altcoins, or altcoins will bleed into Bitcoin in a big way.

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could altcoins crypto season blow crushing forming

Источник: newsbtc.com

could altcoins → Результатов: 126


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Crypto Market in Peril of Seeing Major Downside as Bitcoin Strength Wanes

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2020-5-31 22:00


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Ethereum Forms 90% Correlation to Bitcoin; Here’s Why This Is Bearish

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2020-5-29 23:00


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Crypto Market Faces Massive Resistance as Traders Expect Altcoins to Dive

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2020-5-27 23:00


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2 Altcoins That Could Soon Break Out

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2020-5-27 17:50


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2020-5-24 22:00


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Ethereum’s Price Action Could Resemble a “Car Crash” if it Breaks Below $190

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2020-5-23 23:00


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Altcoins Headed For A Nauseating Capitulation As Bitcoin Strengthens: Analyst

The crypto market has rebounded sharply from the mid-March lows, but the altcoin market activity in recent days suggests that altcoins could be in for a brutal correction soon. Despite desperate hopes for an altseason, one analyst thinks altcoins are likely headed lower than anyone could have imagined, as bitcoin’s dominance grows from strength to […]

2020-5-16 23:12


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Here’s How Bitcoin Could Force Altcoins to Set “Major Lows”

Bitcoin has posted a notable upswing today that has allowed it to approach its next key resistance level at $9,500 The cryptocurrency’s intense uptrend is showing no signs of slowing down as it continues gaining dominance over the entire market Some analysts are now noting that altcoins could be positioned to see some serious losses in the weeks ahead as they all decline against their BTC trading pairs The aggregated cryptocurrency market has continued declining […]

2020-5-8 02:00


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Bitcoin Halving Hype Could Give Way to Consolidation or Retracement, But what about Altcoins?

Just four days away from halving, we have some interesting next few weeks ahead of us. The world's leading digital asset is already enjoying an uptrend, currently trading above $9,800, breaking off its relation with equities after the correlation between them reached a peak during the past couple of months. This short pump is rolling […]

2020-5-7 20:58


After 90% crash, Ethereum just printed a major cycle bottom: fund manager

Believe it or not, there was a time when a single Ethereum traded for over 0.10 BTC, meaning that you could sell a mere handful of the altcoin and obtain a whole Bitcoin as a result. However, it’s a whole different story today; since the highs set at the peak of 2018’s bubble, altcoins have […] The post After 90% crash, Ethereum just printed a major cycle bottom: fund manager appeared first on CryptoSlate.

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