Investing
Haven
No Result
View All Result
Monday, June 27, 2022
  • Login
  • Premium Services & Login
  • 2022 Forecasts
  • Commodities & Gold
  • Stocks
  • Crypto
  • Mission 2026
Crypto investing >>
Investing
Haven
  • Premium Services & Login
  • 2022 Forecasts
  • Commodities & Gold
  • Stocks
  • Crypto
  • Mission 2026
No Result
View All Result
InvestingHaven
No Result
View All Result

Bitcoin Dominance Chart Hitting Crucial Levels

by Taki Tsaklanos
May 18, 2022
in Crypto & Blockchain
0
bitcoin price
1.9k
VIEWS
Share on FacebookShare on Twitter

Bitcoin price has been hovering in the 27k to 30k area since May started. This choppy price action came after Bitcoin’s price declined sharply in April. After covering how we managed that decline in our previous article, along with the importance of focusing on the bigger picture, today we want to share another big picture indicator for Bitcoin price. One that actually sets the tone for what is likely to outperform, Bitcoin or altcoins.

Our article today will cover Bitcoin dominance chart, zoom in to look into Bitcoin’s price action in May and how it could impact the performance of Altcoins.

What does the Bitcoin dominance chart tell us?

The first and major observation is that Bitcoin dominance is now sitting at 2018 levels

The second and just as important observation is the pattern annotated in the charts points to an imminent breakout. It could end up being a breakout or a breakdown but the levels are pretty clear. However, note the major Bullish divergence that could be indicating an upside breakout.

btc dominance

How does Bitcoin dominance Impact Altcoins?

Based on Bitcoin’s price action, Bitcoin dominance can breakout to the upside or Break down. Depending on the outcome, we could end up with one of these scenarios:

  • Bitcoin dominance goes up along with Bitcoin’s price => ALTs will go down
  • BTC’s dominance goes up while BTC’s price goes down, then most ALTs get destroyed 
  • Bitcoin dominance goes down along with Bitcoin’s price => No impact really on ALTs.
  • BTC’s dominance is down while BTC’s price goes up, then ALTs will outperform.

What does Bitcoin price action in the smaller time frames tell us?

Bitcoin’s price right now, similar to BTC’s dominance chart, is about to choose a direction. So Breakout or break down short term? Let’s zoom in on the 4 hours chart:

btc 4h

We can see a possible inverted head and shoulders that could lead to an upside breakout. However, the Daily setup is still pointing towards caution. We can clearly see a Bear flag so if the price drops and closes below 29k now, expect another leg down and lower support levels to be tested.

btc daily

On the other hand, we are also seeing signs that Bitcoin could reverse here at least short term. We have a strong bottoming candle on the daily & session chart but 30k has to hold. If it does, we might see a pretty fast upwards move.

btc sessions

All in all, BTC’s dominance is setting up for a big move, likely to the upside but no confirmations yet. Same for Bitcoin’s price provided 30k holds.

 

Written by hdcharting, reviewed by Taki Tsaklanos

  premium service trade alerts   premium service trade alerts   premium service crypto teaser  
Receive top notch forecasts for free.

*We hate spam as you do.

Taki Tsaklanos

Taki Tsaklanos

Taki has +15 years of experience in global markets. His methodology is unique and effective, yet easy to understand; it is based on chart analysis combined with intermarket / fundamental / sentiment analysis. His work appeared on major financial outlets like FinancialSense, MarketWatch, ... Email: taki.tsaklanos@gmail.com. Twitter: twitter.com/investinghaven

Latest

lithium mining stocks

Lithium Outlook 2022 And Sector Darling Lithium Americas

June 26, 2022
inflation

Does This One Inflation Indicator Forecast A Lower Inflation Rate?

June 26, 2022
btc price forecast

Bitcoin’s Bounce: Does It Have Legs Or Is A Re-Test Of The Lows Underway?

June 26, 2022
silver bullish

A Tradeable Silver Price Chart

June 25, 2022

Connect with InvestingHaven

Receive top notch forecasts for free.

*We hate spam as you do.

Categories

  • Premium Services & Login
  • 2022 Forecasts
  • Commodities & Gold
  • Stocks
  • Crypto
  • Mission 2026

Site Navigation

  • RSS Feed
  • About us
  • Sitemap
  • Privacy & Disclaimer
  • Terms of Service
  • Contact Us
Investing
Haven

Top notch forecasting with gold price forecast, many stock predictions, cryptocurrency charts. Many investing tips and crypto market analysis.

Copyright © 2021 Investing Haven

No Result
View All Result
  • Premium Services & Login
  • Premium Investing Service
  • Premium Trading Service
  • Premium Crypto Service
  • 2022 Forecasts
  • Markets & Stocks
  • Commodities & Gold
  • Crypto Markets
  • Mission 2026

Copyright © 2021 Investing Haven

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In