Bitcoin’s halving is here in just one week, and the first-ever cryptocurrency is widely expected to rally as a result.
But Bitcoin dominance has been consolidating at a key level. This could indicate that altcoins will soon outperform BTC with a sustained rally over the next several years.
BTC Dominance Reached 0.5 Fib Level, Key Area for Reversals To Take Place
The crypto hype bubble and Bitcoin bull run that swept the public up in its storm also brought BTC dominance to the lowest point ever.
After the crypto market peaked in late 2017 and early 2018, BTC dominance went on a tear. The recovery rally saw BTC dominance annihilating altcoins in its wake.
Related Reading | Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin
When Bitcoin began trading at over $10,000 once again in mid-2019, altcoins were further decimated.
Dominance peaked at over 70% and has since fallen back to around 67%. The key level represents a full 50% retracement in BTC dominance.
According to Fibonacci retracement levels, 50% or the 0.5 Fibonacci level, is an ideal reversal point. This is the level at which investors and traders see enough reward to take the risk of entering a position in altcoins.
The ancient math is commonly used to find levels of support and resistance.
BTC.dom retracement oscillating around the 50% level….. pic.twitter.com/a1Ku9j6iEW
— dave the wave (@davthewave) May 6, 2020
Bitcoin Halving Was The Spark That Set Off Alt Season For the First Time
Altcoins across the board remain down by as much as 90% in some cases. These vastly oversold assets have taken such a beating, a recovery cannot be ruled out.
The major factor that makes an altcoin season seem impossible, is due to the Bitcoin halving.
Most crypto traders who have spent ample enough time in the market, have realized the odd correlation between BTC and alts.
When Bitcoin rises, alts crash. When Bitcoin crashes, altcoins do also. The assets tend to perform the best when Bitcoin price trades sideways.
Related Reading | Experienced Altcoin Trader Outlines Expectations For Bitcoin and Alt Bull Cycles
So with Bitcoin expected to explode with the halving finally here, why would altcoins suddenly now rally?
In a strange turn of events, it was the Bitcoin halving that sparked the first-ever altcoin season.
The below BTC dominance price chart has BTCUSD price action overlayed behind it in black. Red dotted lines indicate each Bitcoin halving.
Note that in mid-2016, coinciding with the halving, BTC dominance actually saw a strong impulse down, kickstarting the crypto hype bubble.
With BTC dominance potentially breaking down once again, and at a key reversal level while altcoins everywhere are showing signs of bottoming, could point to altcoin overperformance even with Bitcoin’s halving here.
If history repeats, the currently 50% level will indeed act as a reversal point, and altcoins will have explosive impulses within the next few weeks or months.
Is the next alt season finally upon us? origin »
Following the market’s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level.
LTC bulls need to break above $93, a key hurdle below the psychological level of $100. MATIC must reclaim $1 to target the $1. 30-$1. 50 range, or risk dip to $0. 75. Elsewhere, ARB is near a key resistance level as Arbitrum price jumps 3.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
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Bitcoin is hovering above its key $19,000 support level following continued rejections at $19,400 The resistance at this level has been holding strong for the past few weeks, with buyers trying and failing on multiple occasions to post a sustained break above it Once broken, the next key resistance region to watch sits between $19,800 and $20,000.
Ethereum has been able to capture some notable upwards momentum today, surging towards its key near-term resistance at $210 as the aggregated crypto market pushes higher. This has allowed the crypto to narrowly avoid seeing massive losses stemming from a previously bearish market structure that it had formed. ETH isn’t completely out of the woods...
Following an extended period of consolidation within the upper-$8,000 region, Bitcoin has finally garnered enough momentum to surmount its resistance at $9,200 This movement has opened the gates for significantly further upside, as it took out a major liquidity region and has yet to face any type of harsh rejection One analyst is explaining that a continued defense of $9,200 is all that BTC now needs to make a bid at the $10,000 region Bitcoin’s […]
Ethereum’s recent decline has led it down to $200 as it continues underperforming both Bitcoin and many of its other peers Analysts are now noting that the crypto is trading at a “structure defining” level Its technical weakness may be enough to define its market structure as being bearish, thus catalyzing further near-term losses Ethereum has continued underperforming the aggregated cryptocurrency market as it drifts down to its key support at $200, leading analysts and […]
The Bitcoin (BTC) price increased considerably during the week of April 27-May 4, creating a weekly bullish engulfing candlestick. However, the price failed to confirm a breakout above a key resistance level.
Key Highlights • There have been significant ups and downs in a range style around $0. 22 XRP/USD price level. • XRP/USD bears’ energy appears weak to push down the market. • A sudden dip into the major support levels down to $0.
After failing to sustain its bullish momentum above $9,200, Bitcoin has been on a steady decline. As of press time, it is trading just over $8,600 — a key support level. A dip below could cause it to slide further down towards $8,400.
Bitcoin has fallen back into the upper-$8,000 region after facing yet another firm rejection at $9,200 This latest rejection marks the third one that the cryptocurrency has seen in recent times, signaling that the resistance here could ultimately prove to be insurmountable Analysts are now noting that Bitcoin is flashing signs of forming a local top, signaling that the crypto is now poised to see further downside in the days and weeks ahead Bitcoin has […]
Chainlink has seen a notable recovery from its daily lows today, as the crypto’s bulls have stepped up and defended against it seeing further underperformance of Bitcoin and other altcoins. This comes as the cryptocurrency sees some notable fundamental developments, including an imminent listing on Gemini as well as the integration of multiple Chainlink oracles...
Ethereum has seen some tempered overnight gains in tandem with Bitcoin and many other cryptocurrencies It still remains trapped beneath a key resistance level, however, and analysts are cautious about being too bullish on ETH until this level is firmly surmounted This comes as the crypto’s open interest dives, signaling that traders are fleeing the market as its price movements become driven by retail investors and spot traders Ethereum has seen some relatively boring price […]
The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours. This stunning rally has brought the cryptocurrency above some key resistance levels pointed out by traders. One trader noted that during the...
Ethereum has pushed higher despite Bitcoin’s stability, leading bulls to retest its key near-term resistance The cryptocurrency is on the cusp of forming a highly bearish technical formation that could be confirmed if it posts another harsh rejection at its current price level This comes as 92% of traders on Bitfinex go long on ETH, signaling that a long squeeze may be imminent Although Bitcoin has continued extending its bout of rangebound trading within the […]
Bitcoin has been able to once again push into the upper-$7,000 region after facing multiple rejections here throughout the past few days The cryptocurrency is pushing up against its 200-day moving average – a key trend-determining level A break above this 200-day MA could spark a major upside movement, with some analysts thinking this is imminent After facing multiple harsh rejections within the upper-$7,000 region throughout the past couple of days, Bitcoin has been able […]
It has been an important past few weeks for Bitcoin. Due to consistent buying pressure, the cryptocurrency has crossed above key resistance level after key resistance level after March 12th’s crash, reaching a high of $7,800 just recently.
XRP has been struggling to garner any notable momentum in recent times, with the latest market-wide uptrend leading the embattled cryptocurrency up to its near-term resistance at $0. 20 – a level that it has failed to surmount since mid-February.
Ethereum is in the process of surmounting the key $200 resistance level as its bullishness grows The cryptocurrency’s rebound from its March lows has been intense, although analysts are noting that a strong pullback could be in the cards This comes as traders note that they anticipate ETH to underperform Bitcoin in the days and weeks ahead Ethereum is now in the process of rallying up to $200, marking a significant extension of the momentum […]
Coinspeaker Bitcoin Price Rises Above $7500 as ‘Perfect Storm’ Before BTC HalvingBitcoin price clinches above $7500 after breaking out a key resistance level on April 23, which is being viewed as a ‘perfect storm’ before BTC halving.
Bitcoin price experienced a sharp spike on April 23, causing it to break above a key resistance level, where the January’s bull rally began. The sudden flash uptick saw the BTC price move from trading at $7,028 in the early Asian session to hit $7,750 in the late European trading session. The positive break out […]
In the time following Bitcoin’s recent break above its key near-term resistance level at $7,200, the benchmark cryptocurrency’s bears have lost some of their steam as it declines below this level, with it now being at risk of revisiting its support at $7,000.
While the aggregated crypto market consolidates following the recent upswing, Tezos has continued climbing higher as it expresses further signs of strength against many of its peers. This strength has now led the crypto to push above a key horizontal resistance region that was significantly hampering its price action in the past, with a confirmed break above this level potentially opening the gates for significant upside in the days and weeks ahead. The move past […]
After reclaiming the key support that had been established at $6,800 yesterday, Bitcoin has once again lost this level, surrendering to bears as to navigates back towards its key short-term support that has been established around $6,600.
Bitcoin dominance has not only broken down from a two-year-long uptrend, but it has also retested the trend line as resistance and failed to reclaim the key level. With trend line support now confirmed as resistance, its likely that Bitcoin dominance could see an extended downtrend in the days, weeks, and months ahead. But what...
Since reaching a bottom of $3,782 on March 13, the BTC price has been increasing. The increase has taken the from of an ascending wedge, which is considered a bearish reversal pattern. Since reaching the aforementioned bottom, the BTC price has increased by almost 90%.
Bitcoin’s price action seen throughout the past few days has quite boring for traders, with the benchmark digital asset forming a relatively tight trading range between $6,600 and $6,800. This period of range-bound trading comes shortly after the crypto’s intense rebound from its recent lows within the $3,000 region, with the momentum incurred here being...
Bitcoin saw a sharp upwards movement earlier today that allowed the cryptocurrency to surge as high as $6,900, with this rally leading major altcoins like Ethereum to follow suit and further extend the momentum that was first incurred early yesterday.
Bitcoin saw a notable rally today following a prolonged bout of sideways trading, which has so far led the cryptocurrency to rally up towards the $6,000 region. This movement has come about as the traditional markets trade sideways, leading analysts to note that BTC is quickly becoming decorrelated. It now appears that the benchmark crypto...
Ethereum is currently holding the key $100 support zone against the US Dollar. ETH price is slowly recovering and it seems to be eyeing a crucial upside break above $126 and $130. Ethereum is slowly recovering from the $100 support area against the US Dollar.
The global market meltdown has continued today, with the U. S. equities market plummeting as Bitcoin and most major altcoins also post some notable losses. This decline today led Ethereum to lows of $105, which is where it was able to find some support.
Although all cryptocurrencies have had it tough over the past few weeks, XRP has been hit especially hard. The altcoin, the third-largest crypto asset by market capitalization, fell as low as $0. 105 on Thursday from its 2020 high of $0.
Bitcoin has entered a firm bout of sideways trading in the days following its recent meltdown from highs of $8,000 to lows of $3,500. The rebound that occurred in the time following this intense selloff led the crypto into the lower-$5,000 region, which is where it has been trading at ever since. It now appears...
The crypto market has seen some grave price action over the past several days and weeks, with yesterday’s capitulatory meltdown marking one of the worst that the markets have ever seen in their short history.
Ethereum failed to continue higher above the $252 resistance and declined against the US Dollar, similar to bitcoin. However, ETH price is now trading near a key uptrend support. ETH price is down 5% and it is now trading below the $235 level against the US Dollar.
Throughout the course of the crypto market’s intense 2020 uptrend, Tezos has been one of the best performing cryptocurrencies, posting an insane rally that recently allowed it to set fresh year-to-date highs.
As Bitcoin bulls marched above the key level of $9k with a dominance of 63.8%, the entire cryptocurrency market rallied to a market cap of $260.8 billion. After taking a dip, the altcoins rose as theyThe post IOTA, STEEM, Binance Coin undergo upside break as Bitcoin hits $9k appeared first on AMBCrypto.
Altcoins have been shedding a significant amount of their value over the past several days and weeks, with the recent Bitcoin selloff sending shockwaves throughout the aggregated cryptocurrency market.
Bitcoin price is currently correcting higher from the new weekly low of $8,422. BTC to USD is likely to face a strong selling interest near the $8,975 and $9,000 levels. Key Takeaways: BTC/USD Bitcoin price is slowly correcting higher and trading above the $8,640 level against the US Dollar. BTC/USD is facing hurdles near $8,760 […]
Ethereum started a strong recovery from the $208 swing low against the US Dollar. However, ETH price is likely to fail near $240 and it could resume its decline. Ethereum is up more than 8% and it climbed above the $230 level against the US Dollar. The price is still facing a lot of key...
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Soccer has the World Cup. Athletics and many other sports have the Olympics. Crypto has the halving. The milestone in the blockchain's 15-year history technically means a cut in rewards for crypto miners with each block – a feature designed to minimize inflation.