BTC dominance (BTC.D) is expecting to be dropped, a chance for altcoins?
Bearish signs for BTC.D as shown in the daily chart: - BTC.D violented key support at around 69%, as mentioned in the previous analysis. - BTC.D can't break the downtrend resistance, established since the earlier of September 2019. - At the time, TRIX fails to break its downtrend resistance and being in the bearish area since mid-September. - MA20 is pointing down with a high angle.
BTC.D will have a small rising to test MA20 (which is a higher edge of the falling wedge pattern), then slowly drops to the Fibonacci retracement 50% (65.8%). BTC.D dropping is evident tells that the capital is flowing from BTC to altcoins. This, overall, is a good sign of the altcoin market. The altcoin blooming season is still far away, but altcoins will have good recovery in the next days.
A possible scenario of the crypto market in the next days: - BTC will have a drop, relatively, BTC.D will have a small rising. - BTC finds strong support (might be around $6600), then enters the consolidation phase. - Top altcoins (ie. ETH, XRP, LTC, BNB, etc) will fly when BTC gets stable. Then the next coins have lower market caps will follow the top.
@dompa, base on modern chart pattern statistics, a 'Falling wedge' in the bearish market has 58% of upward breakout and 33% of downward breakout chances. In combination with other indicators, I'm inclined to the latter plan.