Bitcoin's price is indecisive but the dominance and volume of the market may give us some clues.
Let's see
As we see in the graph, it is the third week that the Bitcoin Domain is corrected, we will see if this implies good news for Alcoins.
> Every time the price of Bitcoin increases rapidly, it affects Dominance and Alcoins
Dominance continues to pull back slowly, on the last weekly candles, trying to break the previous support day by day, which is good for Alcoins when Dominance is below 68 points.
> Last week we saw a candle with a large wick, which may indicate the entrance of investors who initially bought bitcoin and later switched to alcoins
Analyzing the weekly chart, we see that Dominance has broken the 50-period MA line, weekly chart
Keys
- Post Halving. Bitcoin's halving has already occurred, according to the story, samanas after the price has started a bullish recovery. In the long term, there have been increases in the price of Bitcoin sometimes accompanied by Alcoins and other times not.
- In due course, the 1D RSI shows average, low average levels
- Bitcoin's dominance volume decreases in recent days.
- Bitcoin's dominance is below the MA lines of 100 4-hour periods. This could indicate a continuation of the correction. There are candles that retested the midline but dominance falls again
- Bitcoin's dominance in recent days remains at the 66 point support approx.
The fluctuation of the Dominion line of the last days means that investors have bought less Bitcoin, we see it in the volume that has decreased, it is waiting for the definition of the price trend.
Why is it important for the domain to go down? Because reducing Bitcoin's dominance would indicate that cryptocurrency prices with good projects and good volume could continue to regain value
Let's see the total volume of the market
As we see in the graph, the total volume of the market continues to increase in recent weeks
This indicates that there is money inflow that is making investments in Bitcoin and Alcoins.
Conclusion
The dominance of Bitcoin as it analyzes continues to decline, while the total volume of the market continues to increase which means that investments are focusing on the alcoins, good news for good projects
In the previous analysis I mentioned
"With investors buying just a few million dollars, in some Alcoins, the increases can be significant."
And that we are seeing in the last days, alcoins are valued more than bitcoin.
But be careful.
Bitcon dominance is key, in the face of a rapid increase in the price of Bitcoin it can trigger dominance and lower the price of alcoins (investors take liquidity from alcoins to increase the price of Bitcoin)
We are in key days of a bitcoin price definition, they are key days, so it can be seen in the charts that they are being used to take positions.
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> The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
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