Dominance May Give Us Hint of a Path for Bitcoin Price
we'll see
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In the last few days Bitcoin is having a leading role in the cryptocurrency market.
The rapid recovery of the price from 19,000 to 21,000 dollars has left more than one in a bad way.
Now the price has stabilized at $21,500 and Alcoins are only recovering a little bit of value, so we see a recovery in Bitcoin's dominance.
Bitcoin Dominance vs Price
After reaching the floor in the price of Bitcoin of 17,500 we see comparing the price of Bitcoin with the dominance, that the latter continued to decline although the price of Bitcon reached 21,000 dollars.
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Something different from what has happened in recent days in which the price of bitcoin recovered as well as dominance.
Pattern W
In the last 15 days the dominance forms a W pattern that may be about to break in the next few days.
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This does not mean that the price will go up, what it means is that if so there are 2 possibilities
The price of Bitcoin is on the rise, but the Alcoins do not accompany this rise in price, or only some.
The price of Bitcon goes back, but the Alcoin go back more in price.
That's why in the title I say, warning, with the Alcoins
What do you think will happen to the price of Bitcoin and its dominance?
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
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I think this is more likely to happen
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It is what unfortunately can happen
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