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BTC dominance analysis – altcoin correction structures do not have to be completed

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BTC continues with its dominance growing trend. No wonder, since the price of BTC has risen more strongly than the altcoins from the local minimum. But for how long can this trend continue and how does this dominance affect the altcoin market?

As we can see from the graph, resistance dominance in the long-term sideway structure is currently around 45.65%. Only time will tell whether the graph will really reach that level. However, the beginning of the growing trend of dominance has always represented a similar situation. Whenever dominance bounced off 40% support, the price of BTC began to rise over time.

BTC dominanceBTC dominance. Source: TradingView

BTC in relation to dominance

Despite the fact that the bounce of dominance from 40% indicated us growing trend, so we can’t determine for sure how long this trend will be. BTC alone and not only dominance however, they are approaching the resistance zone.

Currently, the altcoin market is in the shadows BTC and lags behind in achieving profits. The structures of altcoins look unfinished and definitive the bottom correction may not still be found. Of course, this will depend on the main cryptocurrency, which will determine where the altos move. If BTC falls into the correction leg, the altcoins will withdraw even more.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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