BTC analysis – dominance is growing despite further expected correction
1 min readBTC is currently rebounding from another declining maximum in the short term and is thus returning to the area of the sideway structure. The market price continues at oscillation around $ 30,000. Dominance of the main cryptocurrency in the meantime, it continues its growing trend and is already on the surface at the time of writing 46,90%.
The fact that dominance is still in a growing trend does not mean that the spot price must rise at the same time. However, this speaks to the fact that in time deepening correction the altcoins suffered more than BTC itself. Similar scenarios exist during rising trends, where the growth of BTC provides the ground for an even greater appreciation of altcoins.
BTC oscillates around 30,000. Source: TradingViewBTC oscillates around $ 30,000
Volumes are still minimal and such a structure at the border $ 30,000 in key support is risky. If the price of this structure flies down, we will monitor weekly MA200 which represents just over $ 22,200 and is growing over time. On the contrary, we also monitor potential growing setup.
This setup occurs when the price exceeds $ 32,300 with a daily close candle. If she succeeds, we target $ 38,000. Volumes would also have to be present. So far, I’m more inclined to continuation of the correction how to do this scenario. In the short term, however, the price continues sideway.
