Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC analysis – dominance increases slightly, altcoins are still declining

2 min read

BTC rebounded from the support level at the point of control of $ 47,150 and continues the growing trend. However, volumes do not yet support this growth and it is possible that this growing trend will soon reach its peak. Where is the next one bull target if the price rises? Let’s look at a short-term prediction of the price movement of the main cryptocurrency.

BTC continues to growing trend and the nearest support moved to $ 47,150. In addition to the point of control, there is also the level of MA21. If this support is enough, the next target is an area of ​​around $ 49,700. In any case, I don’t expect the price to exceed the last maximum of $ 53,000 on the first try. Before the price attacks this resistance, there is likely to be a leg downwards.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

BTC grows in dominance, but only in the short term

However, as we have said, volumes do not yet indicate a recovery, which also confirms the weak strength of the bulls. In the long run, we are still in trend, but in the short term BTC is indecisive. If accidentally failed support level $ 47,150, so another is at about $ 44,000. Long-term key support is in the $ 41,000 to $ 42,000 zone.

During this last growth of the main cryptocurrency, altcoins are in a slight correction, resp. some altcoins stagnate. This fact was reflected in the slightly growing dominance of BTC. It is at the level of 41.44% at the time of writing. Historically, this is one of the lowest levels, but the long-term trend is still declining.

Leave a Reply

Your email address will not be published.