CryptoElliott tech analyst concluded that the Bitcoin dominance index could soon fall.
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According to his observations, bearish divergences on the chart of the dominance index indicate a high probability of a decrease in the BTC market share.
#Bitcoin dominance seems set for a pretty sizable retracement. A triple pivot bearish divergence on the 2D chart is not to be neglected. #BTC #Crypto pic.twitter.com/HFftoCCGlj— 𝐂𝐫𝐲𝐩𝐭𝐨𝐄𝐥𝐥𝐢𝐨𝐭𝐭 🍀 (@cryptoteddyb) September 8, 2019
On a smaller timeframe, CryptoElliott is sure that the index is likely to fall after a short upward correction.
On small TFs it looks like we finished an impulse to the downside on #BTC dominance. Relief bounce before more downside seems to be the way. pic.twitter.com/rt4yayyUHq— 𝐂𝐫𝐲𝐩𝐭𝐨𝐄𝐥𝐥𝐢𝐨𝐭𝐭 🍀 (@cryptoteddyb) September 9, 2019
According to CoinMarketCap, to date, the market share of bitcoin has reached 70%, which corresponds to the marks of the end of March 2017.
The Crypto Dog tech analyst also has no doubt that the overall market situation will improve soon. In his opinion, after a drawdown of no more than 10%, total market capitalization should go up.
Might have one more drop before kick off but no more than ~10% total mcap. Either way I think we're very very close.https://t.co/jPoyiJzpBN— The Crypto Dog📈 (@TheCryptoDog) September 9, 2019
The Crypto Dog also noted a falling wedge on the daily chart of total capitalization, signaling the upcoming bullish reversal.
When #altseason?— The Crypto Dog📈 (@TheCryptoDog) September 9, 2019
Meanwhile, the Bitcoin situation does not look very encouraging. On the daily chart, CoinDesk Markets analysts found a bearish takeover pattern.
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#BTC EU Snapshot— CoinDesk Markets (@CoinDeskMarkets) September 9, 2019
Daily chart shows bear reversal = inside bar Doji followed by big bearish engulfing
Drop to $9.9K looks likely
$10,956 (Aug. 20 high) remains a level to beat for bulls. pic.twitter.com/WgbSDxL5uK
Experts admit that the next level of support will be $9900. However, the mood will change dramatically if the bulls overcome the mark of $10.956, corresponding to the maximum of August 20.