🔥 Bitcoin Dominance Channel: Bitcoin Will Take Over Soon?
The BTC.D (Bitcoin dominance) displays BTC's marketcap divided my the total crypto market cap as a percentage. It's important because it can signal whether the market is willing to take risks (BTC.D falling, money flows out of BTC into alts), or whether the market is risk averse and prefers to stall their funds into BTC (BTC.D falling, money flows from alts into BTC). A case can be made to exclude stables, but that's for a different time.
Ever since we first topped last year in May, BTC.D has been trading horizontally. At this point in time, the dominance chart is getting very close to the channel's support. This might signal that the flow of money might be close to a reversal in the near future.
The fact that we're trading around the support area, combined with the fact that September, historically crypto's worst month, is around the corner is an interesting coincidence. Classically, a strongly rising BTC.D means bearishness in the crypto market.
Do you think the dominance chart will soon go back up? Is more downside coming? Share your thoughts 🙏
Ever since we first topped last year in May, BTC.D has been trading horizontally. At this point in time, the dominance chart is getting very close to the channel's support. This might signal that the flow of money might be close to a reversal in the near future.
The fact that we're trading around the support area, combined with the fact that September, historically crypto's worst month, is around the corner is an interesting coincidence. Classically, a strongly rising BTC.D means bearishness in the crypto market.
Do you think the dominance chart will soon go back up? Is more downside coming? Share your thoughts 🙏
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