⌛️ Bitcoin vs. Altcoins? Which will have more power?
Updated
Hello, dear TradingView members.
Here is an idea about Bitcoin and Ethereum and their Dominance.
This idea aims to talk about what will happen after the correction ahead of us in the near future.
There are four charts on this idea:
The first one is the Bitcoin weekly chart.
This chart shows that Bitcoin is on edge and pushing down.
This descending trend is confirmed by the Elliotte Waves and Fibonacci Retracements levels.
The price of Bitcoin has already pulled back from point C to D, and once again got rejected and now is continuing the correction.
Once the price gets to the solid support, it might fall even more due to psychological panic in the market.
The second chart is the Ethereum weekly chart.
This chart also shows that ETHUSDT is pushing down even more and has already crossed vital support levels.
However, four of my Fibonacci indicators show that the solid support offered on this chart is powerful and be a good level for opening long positions.
The third chart is the Bitcoin Dominance chart.
This chart shows that the liquidity in the cryptocurrency market is pouring into the Bitcoin market. This liquidity is coming from Ethereum and other altcoins.
This suggests that Bitcoin for future long positions is a better choice since it is becoming more stable than other crypto assets.
The fourth chart is the Ethereum Dominance chart.
This chart shows the liquidity exiting from the Ethereum (Mother of altcoins) market.
When this happens, it clearly means that ETH and other altcoins are becoming weak and less stable than BTC due to the low volume of liquidity and power.
To sum it up, our result is:
By breaking the Bitcoin Dominance upwards and the Ethereum Dominance breaking down, it can be concluded that bitcoin is in a better position than the altcoins.
So Bitcoin will have more growth and less decline than the market.
Moreover, we can profit more in long trades from Bitcoins and short transactions from altcoins.
In the near future after the corrections, we also use RSI to measure the accuracy of this forecast.
This correction is taking place because the market needs to fill the gap. If you need to know about Bitcoin's gaps, this chart might be helpful:
If you need to learn how RSI works, this chart might be helpful:
If you need to learn how Fibonacci works, this chart might be helpful:
I hope this idea can be helpful.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
Here is an idea about Bitcoin and Ethereum and their Dominance.
This idea aims to talk about what will happen after the correction ahead of us in the near future.
There are four charts on this idea:
The first one is the Bitcoin weekly chart.
This chart shows that Bitcoin is on edge and pushing down.
This descending trend is confirmed by the Elliotte Waves and Fibonacci Retracements levels.
The price of Bitcoin has already pulled back from point C to D, and once again got rejected and now is continuing the correction.
Once the price gets to the solid support, it might fall even more due to psychological panic in the market.
The second chart is the Ethereum weekly chart.
This chart also shows that ETHUSDT is pushing down even more and has already crossed vital support levels.
However, four of my Fibonacci indicators show that the solid support offered on this chart is powerful and be a good level for opening long positions.
The third chart is the Bitcoin Dominance chart.
This chart shows that the liquidity in the cryptocurrency market is pouring into the Bitcoin market. This liquidity is coming from Ethereum and other altcoins.
This suggests that Bitcoin for future long positions is a better choice since it is becoming more stable than other crypto assets.
The fourth chart is the Ethereum Dominance chart.
This chart shows the liquidity exiting from the Ethereum (Mother of altcoins) market.
When this happens, it clearly means that ETH and other altcoins are becoming weak and less stable than BTC due to the low volume of liquidity and power.
To sum it up, our result is:
By breaking the Bitcoin Dominance upwards and the Ethereum Dominance breaking down, it can be concluded that bitcoin is in a better position than the altcoins.
So Bitcoin will have more growth and less decline than the market.
Moreover, we can profit more in long trades from Bitcoins and short transactions from altcoins.
In the near future after the corrections, we also use RSI to measure the accuracy of this forecast.
This correction is taking place because the market needs to fill the gap. If you need to know about Bitcoin's gaps, this chart might be helpful:
If you need to learn how RSI works, this chart might be helpful:
If you need to learn how Fibonacci works, this chart might be helpful:
I hope this idea can be helpful.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
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Update:Bitcoin is even more bearish now and the correction is getting closer.
We need to wait for more confirmations.
Here is an update:
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Updated:
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