Possible Paths for BTC Dominance
The future of crypto will be interesting to see. I think BTC will keep losing dominance, but the institutional money is definitely flowing hard in to BTC.
Whatever happens around this current price area will be pretty pivotal.
Looking at this as a Wyckoff accumulation pattern is similarly uncertain. The huge volume now could either be selling (due to how high in the range it is) or absorption (due to the tightness of the candles).
However it has also fallen through multiple major S/R lines, meaning it would likely take a long time to regain them as support.
Only time will tell!
Super Speculation Mode: If this move plays out, it could form a massive multi-year ascending triangle. And as the crypto space matures, Bitcoin dominance will surge as all the billions of shitcoins die off and mostly only the real projects remain.
Whatever happens around this current price area will be pretty pivotal.
Looking at this as a Wyckoff accumulation pattern is similarly uncertain. The huge volume now could either be selling (due to how high in the range it is) or absorption (due to the tightness of the candles).
However it has also fallen through multiple major S/R lines, meaning it would likely take a long time to regain them as support.
Only time will tell!
Super Speculation Mode: If this move plays out, it could form a massive multi-year ascending triangle. And as the crypto space matures, Bitcoin dominance will surge as all the billions of shitcoins die off and mostly only the real projects remain.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.