CryptoSyphn

Bitcoin Dominance Taking A Rest or About To Crash??

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CRYPTOCAP:BTC.D   Market Cap BTC Dominance, %
Observing the Altcoin market over the last few weeks, we see lots of strength coming into the alts. We've seen several signs that Bitcoin Dominance is ready to pull back. However, will we see a pull-back OR a crash? The Dominance chart broke out of the bullish descending broadening wedge pattern, but now we see rejection from the historical resistance level of 72% - 74%. Support is below at the base of the wedge breakout at 65%, which perfectly coincides with the weekly 21EMA & 55EMA that should serve as support. We do not know if this will be major support or temporary before an even bigger dump below that level. "IF" we do see a weekly close below 65% in the future, that will signal potentially the biggest Altcoin cycle we've seen in many years. We'll wait for the market to show its hand over the coming weeks/months, and will react accordingly.

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