BTC Dominance going down further
BTC dominance is currently in a falling wedge after touching the diagonal trendline high of 73.55%. Money is currently flowing out of bitcoin and into several altcoins which can be observed through reversal patterns & higher volumes in the major alts. The breakdown from the falling wedge may test the diagonal support forming a head & shoulders and can see further downside. The OBV has had lower highs and is converging.
Major altcoins have been developing their fundamentals in 2018-2019 and will see these developments come into effect in 2020 which will attract more users and developers to them.
Several institutional players have been working on Bitcoin and non-bitcoin ETFs. The profileration of the latter will result in significant investments into altcoins thereby drawing more market share from the Bitcoin.
Furthermore the bitcoin halving in May 2020 will renew retail interest and frenzy due to the media coverage and drive more retail money into the crypto space.
Note. This is not financial advise. Please do your own research.
Major altcoins have been developing their fundamentals in 2018-2019 and will see these developments come into effect in 2020 which will attract more users and developers to them.
Several institutional players have been working on Bitcoin and non-bitcoin ETFs. The profileration of the latter will result in significant investments into altcoins thereby drawing more market share from the Bitcoin.
Furthermore the bitcoin halving in May 2020 will renew retail interest and frenzy due to the media coverage and drive more retail money into the crypto space.
Note. This is not financial advise. Please do your own research.
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