In this market analysis you are going to learn something about the Interaction between the Bitcoin exchange rate, Bitcoin dominance and the Performance of the Altcoin courses. To this end, we discuss the development of the Bitcoin dominance and predict their future development. Before to analyze how, of course, the Bitcoin exchange rate and its current Situation and make a forecast for the coming days. Furthermore, we are going to talk about how the Bitcoin domination may say an Altcoin Season ahead and what does all of this for the Bitcoin exchange rate mean.Please note: None of this articles listed is to Formulate in any way the trading recommendations. This and the following article are solely for the exchange of information with our readership. Neither crypto Monday nor the author of this text shall be liable for any loss incurred as a result of the trading decisions of our readers. DYOR!
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The Bitcoin exchange rate drops below the 8,000 – $-brand
Today early in the Morning, the Bitcoin price fell below the 8,000$. Bearish forecasts falling over themselves, while the cops claim that the Bitcoin exchange rate is currently the largest Bitcoin Run of all time prepare to write new All-Time Highs to. This shows mainly the degree of uncertainty currently in the market. Reason enough for us to take a closer look at the current Situation, in order to form ourselves an opinion.Currently, the Bitcoin listed on the course 7.865$ and thus returning to the level last of June of this year. We take a look at the daily Chart of the trading pair BTC/USD.We recognize clearly that the Bitcoin exchange rate has broken through its Formation and since then has been in a free fall. This could, however, have for now come to an end.In green, we see that the current Bitcoin price is at the level of the March-June 2019. This price Range has proven itself in the past as a significant level. This fact leads me to believe that the Bitcoin price is likely to move over the next few days in the Range between 7.600 – 8.200$.After that, it is very possible that the 200-MA line (red) will push the Bitcoin price down further to a deeper level. This has been proven already in the past as a significant resistance line. The next is probably possible Stop I see at around 7,300 – 7,400 in$.Bitcoin & Altcoins easily on the eToro trading you as comfortable as possible and easily Bitcoin and other crypto-currencies want to trade? Then, the multi-award-winning trading platform of eToro is Right for you. Test it today free of charge all the benefits of the world’s largest Social Trading platform. Get started now!
The Bitcoin dominance as an indicator for the Altcoins
We now turn our attention to another important topic: the Bitcoin domination. For the analysis of the Bitcoin domination, we draw a Chart on trading view, Rate, represents the total equity market capitalization in Relation to the market share of Bitcoin.To recognize here, is that the Bitcoin dominance has increased since January of 2018 steadily. Finally, it managed to Bitcoin, its dominance over 73% develop before the current correction has set in.Such Changes in the Bitcoin dominance so far very reliable because the MACD can determine and predict. The MACD is a Momentum indicator, with MACD Moving Average Convergence/Divergence is. It consists of two lines, the MACD line (blue) and the signal line (orange). Each Time the MACD line has broken through the signal line from the bottom to the top, it was a clear Signal for an increasing Bitcoin domination, while, conversely, a breakthrough from the top to the bottom of a decreasing Bitcoin’s dominance has predicted.Just at this Moment, the MACD line, the signal line from top to bottom to break through, what makes me assume that the Bitcoin’s dominance will continue to fall.Currently, the Bitcoin dominance is according to the Chart 69,79%. I assume that this will go to the green level of 61,7 – 65,7% signed.
Can we expect with the next Altcoin Season?
To speak of an Altcoin-Season, I think at this point, in any case, is premature. The long-term Trend speaks to an increasing Bitcoin dominance and a possible trend change I would be considering if the Bitcoin dominance falls below the 60%.Nevertheless, I assume that some Altcoins will perform in the next few days and possibly even weeks better than the Bitcoin exchange rate.Alone, the today’s view on the Performance of the top 10 crypto-currencies by market capitalization shows that the sole of the Binance Coin (BNB) worse performing than the Bitcoin exchange rate.Source: coinmarketcap, this Trend will most likely also continue, with a view to a possible consolidation of the Bitcoin price according to our above analysis, it could be well possible that some Altcoin courses could write in the next few days, even back in the green.75 % of private CFD accounts lose money. No EU protection.What do you think about the current Situation on the market? You put on the Altcoin courses or you stay in the Bitcoin faithful? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any news more. (Image Source: Shutterstock Trading View)