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Tuesday

22 October 2019

2 Key Indicators Show ETH, BNB Could Rally as Bitcoin Price Eyes $9K

2 Key Indicators Show ETH, BNB Could Rally as Bitcoin Price Eyes $9K


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Altcoins shared in the exuberance surrounding Bitcoin’s parabolic price rise, with the majority of top market cap cryptocurrencies posting notable gains.

The state of the altcoin market seems to have changed though, as Bitcoin’s market dominance falls and many digital assets start to show positive market data.

Many analysts often look to Bitcoin’s market dominance as a metric for altcoin health. .

Bitcoin dominance shows the amount of money in the crypto market that is currently invested in Bitcoin, comparative to the rest of the altcoins.

TradingView shows that Bitcoin dominance has fallen below the 100-day moving average (MA), successfully flipping the level to resistance as shown by a failed retest of the level.

Bitcoin dominance also shows a break in market structure, tallying a lower high on its most recent significant bounce up to 71.90%, followed by a lower low.

Barring any significant negative news for Bitcoin or the overall cryptocurrency space, a downward trend in Bitcoin dominance likely will result in positive price action for altcoins, as has been the case in the past.  .

One might wonder if positivity from a few altcoins is enough to spark the ever-elusive altcoin season the crypto market has waited for so patiently.  .

Market analyst Michaël van de Poppe, also known as Crypto Michael, additionally pointed out that the entire altcoin market cap shows potential. 

But if Bitcoin price takes another downward dive, history has shown that the entire cryptocurrency market will likely follow

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cointelegraph.com
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