{"id":427789,"date":"2020-06-19T20:00:15","date_gmt":"2020-06-19T20:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=427789"},"modified":"2020-06-19T16:44:58","modified_gmt":"2020-06-19T16:44:58","slug":"bitcoin-dominance-altcoin-season-58","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-dominance-altcoin-season-58\/","title":{"rendered":"Bitcoin Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season"},"content":{"rendered":"

A bearish chart formation has appeared on Bitcoin dominance<\/a> that could lead to another leg down and rebound in altcoin\/BTC pairs. However, the 58% level could remain a barrier, keeping a full-blown altcoin season from occurring for quite some time longer.<\/p>\n

Bitcoin Dominance Forms Bear Flag, Hanging By A Thread On Channel Support<\/h2>\n

BTC dominance is a metric that weighs Bitcoin’s market cap against the rest of the cryptocurrency space. It not only can act as an indicator as to the health of Bitcoin and altcoins separately, but it also can be used to predict when any deviations between the two types of crypto assets are occurring.<\/p>\n

The two types of crypto assets are sometimes tightly correlated, while other times when Bitcoin pumps, altcoins dump hard.<\/p>\n

Related Reading | Data Shows Bitcoin More Likely To Pump Following Consolidation, 20% Move Anticipated\u00a0<\/a><\/strong><\/em><\/p>\n

Altcoins have been struggling to recover ground lost against Bitcoin in 2019. The first-ever cryptocurrency went on a parabolic rally, while altcoins were decimated due to regulatory uncertainty and negative sentiment.<\/p>\n

\"bitcoin<\/p>\n

BTC.D 3D (Calculated By TradingView) | Source: TradingView<\/a><\/pre>\n
BTC dominance topped out nearly one year ago and has been on a steady decline since. Recently, two small timeframe rallies made it look like altcoins would bleed further, but the price action has since formed a bear flag on the 3-day timeframe.<\/p>\n
Bear flag target measurements take the length of the initial flagpole and add it to the breakout of the trendline. According to the price action, this would send BTC dominance to the 58% level.<\/p>\n
58% Level in BTC.D Holds Key To Incredible Return of Altcoin Season<\/h2>\n
Price action reaching the 58% level in BTC.D has always resulted in a strong reaction. Breaking through that support level in 2017, led to the lowest point in BTC.D history, at 35%.<\/p>\n
Related Reading | Bitcoin Leads Poll With Public Predicting \u2018Best Performing Asset in 2020\u2019<\/a><\/strong><\/em><\/p>\n
A bounce at that low sent BTC.D back to the 58% level, and after some consolidation, a breakout of support turned resistance sent BTC.D to 73% at the local high.<\/p>\n
\"\"<\/p>\n
BTC.D Weekly (Calculated By TradingView | Source: TradingView<\/a><\/pre>\n
If the bear flag takes BTC.D back down to the clearly important level, another reaction may occur. After nearly two years, a return to the level could cause a short-lived bounce. Another fall from there would form the right shoulder in a massive, multi-year inverse head and shoulders chart pattern.<\/p>\n
A breakdown of this bearish structure would lead to a guaranteed altcoin season. Altcoins would soar against BTC on their trading pairs as a result.<\/p>\n
And if any new altcoin season is anything like last time, it wasn’t uncommon for these assets to go on rallies of a thousand percent or more against the first-ever cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"
A bearish chart formation has appeared on Bitcoin dominance that could lead to another leg down and rebound in altcoin\/BTC pairs. However, the 58% level could remain a barrier, keeping a full-blown altcoin season from occurring for quite some time longer. Bitcoin Dominance Forms Bear Flag, Hanging By A Thread On Channel Support BTC dominance is a metric that weighs Bitcoin’s market cap against the rest of the cryptocurrency space. It not only can act as an indicator as to the health of Bitcoin and altcoins separately, but it also can be used to predict when any deviations between the two types of crypto assets are occurring. The two types of crypto assets are sometimes tightly correlated, while other times when Bitcoin pumps, altcoins dump hard. Related Reading | Data Shows Bitcoin More Likely To Pump Following Consolidation, 20% Move Anticipated\u00a0 Altcoins have been struggling to recover ground lost against Bitcoin in 2019. The first-ever cryptocurrency went on a parabolic rally, while altcoins were decimated due to regulatory uncertainty and negative sentiment. BTC.D 3D (Calculated By TradingView) | Source: TradingView BTC dominance topped out nearly one year ago and has been on a steady decline since. Recently, two small timeframe rallies made it look like altcoins would bleed further, but the price action has since formed a bear flag on the 3-day timeframe. Bear flag target measurements take the length of the initial flagpole and add it to the breakout of the trendline. According to the price action, this would send BTC dominance to the 58% level. 58% Level in BTC.D Holds Key To Incredible Return of Altcoin Season Price action reaching the 58% level in BTC.D has always resulted in a strong reaction. Breaking through that support level in 2017, led to the lowest point in BTC.D history, at 35%. Related Reading | Bitcoin Leads Poll With Public Predicting \u2018Best Performing Asset in 2020\u2019 A bounce at that low sent BTC.D back to the 58% level, and after some consolidation, a breakout of support turned resistance sent BTC.D to 73% at the local high. BTC.D Weekly (Calculated By TradingView | Source: TradingView If the bear flag takes BTC.D back down to the clearly important level, another reaction may occur. After nearly two years, a return to the level could cause a short-lived bounce. Another fall from there would form the right shoulder in a massive, multi-year inverse head and shoulders chart pattern. A breakdown of this bearish structure would lead to a guaranteed altcoin season. Altcoins would soar against BTC on their trading pairs as a result. And if any new altcoin season is anything like last time, it wasn’t uncommon for these assets to go on rallies of a thousand percent or more against the first-ever cryptocurrency.<\/p>\n","protected":false},"author":517,"featured_media":427805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[142,428,13510,1119,16154,75754,1144,78790,6664,4524,76835],"class_list":["post-427789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoins","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-dominance","tag-btc-d","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season<\/title>\n<meta name=\"description\" content=\"A bearish chart formation has appeared on Bitcoin dominance that could lead to another leg down and rebound in altcoin\/BTC pairs. 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season","url":"http:\/\/uniquehot.com\/news\/bitcoin-dominance-altcoin-season-58\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-dominance-altcoin-season-58\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/btc-dominance-altcoin-season-shutterstock_750164665-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/btc-dominance-altcoin-season-shutterstock_750164665-scaled.jpg?fit=2560%2C1707"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","bitcoin","bitcoin dominance","btc","btc dominance","btc.d","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2020-06-19T20:00:15Z","datePublished":"2020-06-19T20:00:15Z","dateModified":"2020-06-19T20:00:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-dominance-altcoin-season-58\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-dominance-altcoin-season-58\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/btc-dominance-altcoin-season-shutterstock_750164665-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/btc-dominance-altcoin-season-shutterstock_750164665-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"bitcoin\",\"bitcoin dominance\",\"btc\",\"btc dominance\",\"btc.d\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-06-19T20:00:15Z\",\"datePublished\":\"2020-06-19T20:00:15Z\",\"dateModified\":\"2020-06-19T20:00:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/btc-dominance-altcoin-season-shutterstock_750164665-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/427789"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=427789"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/427789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/427805"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=427789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=427789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=427789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}