bitcoin news is about bitcoin dominance. This is just continuing to break down and is approaching the lows. Even though there is support at 43.30% and 39.60% for BTCD, it should be difficult as Bitcoin Dominance appears to be in the fifth wave of bearish momentum.
Crypto News: Bitcoin Dominance CollapsesSince
July 30, the Bitcoin Dominance Rate (BTCD) has been in decline. On August 11, it broke down completely and as it turns out, not only the trend but also the wave count is bearish. This means that the decline could point to a new low.
In May there was still good bitcoin news as here BTCD went up within an ascending wedge. This included a high of 49.24 on July 30. However, the high was not followed up and since then the bitcoin dominance rate
has been moving down.
Then on August 11, that wedge fully collapsed and continues to move lower – and at a rapid pace. Currently, BTCD is at 43.30%, which is very close to the support level of the FIB retracement at 0.618. If it continues to move lower, there is next support at 39.60%.
However, the overall trend is bearish and indicators are also bearish. Despite that the MACD has given a bullish reversal signal, it is still below 0. However, the RSI is also below 30 and even the stochastic oscillator formed a bearish cross. Thus, it can be expected that there will be more bad crypto news on Bitcoin dominance in the coming days.
Wave count shows trend towards all-time lowJackis_trader
, the cryptocurrency trader posted
a bitcoin dominance chart on Twitter, noting that the probability of an all-time low is high. In doing so, he noted that it could be a fifth wave and thus the downtrend could be between 33.9% and 35.5%.
Relationship between BTCD and BTCLooking
relationship between BTCD and BTC, it has been generally negative in the last two weeks, meaning that the rise in Bitcoin price led to a decline in Bitcoin dominance. However, this relationship
not yet entirely clear, as the increases have so far only led to a BTCD decline in the short term. Nevertheless, if there is a correlation, we could indeed see BTC’s rise escalate to an all-time low of Bitcoin dominance. Of course, we will bring you the latest bitcoin news, even if it is bad.
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