Just in time for the start of the week, the Bitcoin fell in price back below the 8000-$mark and now rests on his five-month support area. The decline in the share of the market and the General slowdown could be good news for Altcoins that appear to be holding at the moment.
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Bitcoin price returns to $ 7,800
After the end of the fourth weekly red candle in a row, BTC has started the week with a downward trend. A few hours ago, the crypto-king fell to around 7,800$, after he had consolidated a weekend of relatively stable support.
According to Tradingview.com BTC has tested the resistance 4-5 Times in the middle of 8,000 dollars, but could not prevail. This suggests that further losses are likely. The mood on Crypto-Twitter (“CT”) is generally on the decline, many suspect that there is a decline on the level in the middle of the 7,000-$range or even deeper.
An Analyst, however, Long positions and refers to a Chart that shows a clear support at the current level.
“It’s a new week, and Bitcoin depends on the Support. I’ll be opening Long positions in this area, to me on a upward movement this week to prepare! Things look bullish, although that would be invalid if we fall below the support“
#Bitcoin: It’s a new week, and Bitcoin is at support.
I’m opening long positions in this area, in preparation for a movement upwards this week!
Things are looking bullish, although that would be invalidated if we dropped below support ($7700) ? pic.twitter.com/Q0k2d1YBvR
— Crypto Welson ? (@CryptoWelson) 7. October 2019
Not all share this view however – and with BTC now below the 200-day average, we go deeper into bear territory.
Also, the Bitcoin’s dominance looks as if she had reached her climax, she starts to fall now. Traders ‘Crypto Bitlord’ tweeted at the weekend about the apparent pattern in the dominance Chart:
“Even a Noob can see how it breaks down. This means, simply, to pump that Altcoins are in the process.“
This is the $BTC Dominance chart.
Even a noob can see it breaking down.
What that means, simply, is #altcoins are about to pump.
Hard. pic.twitter.com/cuN83UlBaQ
— ฿ITLORD 01 (@Crypto_Bitlord) October 5, 2019
The level of Support for the market share currently stands at 66 percent and 63 percent, with a predominance of 69 percent at the time of writing.
The Altcoin-Revival comes?
Bitcoin is taking a breather, so Altcoins will be the first to benefit from it. The entire market capitalization has shrunk at the weekend by a further 5 billion dollars, which is, however, largely due to the BTC drop.
Ethereum maintains its support for 170$, seems to have but still no independent dynamics to push the prices again to $ 200.
The current Mover is to Ripples XRP–, with a Plus of 6%, the Token is temporarily over $0,27. Industry observer Alex Saunders commented that this time, XRP could give the Altcoin-Revival – and he seems to be right.
A further annual increase of Chainlink recorded today, with a Pump from 9% to 2,20 $. The Rest is waiting, however, is still on his time. The weaker Bitcoin is, however, the more likely it is that Altcoins start your long-awaited recovery.
Text evidence: bitcoinis, MARTIN YOUNG