Bitcoin's dominance rate has reached a strong resistance area and we expect it to drop from this level. Currently, it is trading inside an ascending wedge model, a breakdown below the model's support line will return Bitcoin's dominance to its long-term downtrend.
The famous Trader KingThies said in a recent tweet that he has noticed that altcoin prices are very close to their all-time lows. Based on his experience, he believes that the ALT / BTC pairs will increase.
Tweet engagement and alt prices are both at lows.
My logic is that it usually suggests an incoming surge for ALT / BTC pairs
OR that my content sucks and need to get back to higher value insight
Lets say its the first option but ill deliver like its the second 😅
- ♔ Parabolic Thies ♔ (@KingThies) March 26, 2020
Below, we will analyze Bitcoin's dominance chart to see if altcoins can increase in the near future.
Bitcoin's dominance rate
Bitcoin's dominance rate has increased since February 15, when it reached a low of 61.98%. However, the price has reached a major resistance level found at 67.5% and failed in the first attempt, by creating a bearish engulfing candle in response to this zone.
In addition, the BTC dominance rate is trading inside an increasing wedge, which is considered a bearish pattern.
Therefore, it is perfectly reasonable that the BTC dominance rate will breakout below the model's support line, and this will cause the ALT / BTC pairs to rise.
Bitcoin daily dominance rate chart | Source: TradingView
XRP / BTC pair analysis
One of the most bullish charts for any altcoin found in XRP.
The XRP price has been trading in the long-term range of 2,400-3,350 satoshis since August 2019. On March 25, the XRP price plummeted below the support line of the range, and created a bullish engulfing candle. The next day helps it regain support.
A similar movement in September 2019 led to a move that increased by 60%. Therefore, if the same thing happens, the price could reach a high of 2,900 or even 3,400 satoshi. This will be especially true if the daily RSI succeeds in regaining resistance from the 50 line.
Daily XRP / BTC chart | Source: TradingView
Pair analysis of BNB / BTC
Another currency that has a bullish chart is BNB. BNB price has reached the main support zone at 195,000 satoshi, which is the catalyst for some bullish moves in September 2019.
It has created a bullish divergence since March 14, and created a growth engulf on March 26.
If prices continue to rise, the next resistance areas are found at 205,000 and 235,000 satoshi.
Daily BNB / BTC chart | Source: TradingView
The BTC dominance rate has reached a strong and insurmountable resistance area. This may cause the ALT / BTC pairs to increase in the near future. BNB and XRP are in the best position to do this.
You can see the prices of coins here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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