A different analysis of the Crypto market

A different analysis of the Crypto market

I’ve decided to share some interesting charts about the crypto market.
Most of us are using the BTCUSD chart to analyze the market. But I think It may be better if we also have a look at the other charts beside the BTCUSD .
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One of the most interesting charts, in my opinion, is CRYPTO TOTAL MARKET CAP. You can see the analysis here:

As you can see, It’s similar to the BTCUSD chart. But there are still some differences. The price “WAS” moving in a falling wedge , starting from first of 2018 and ending with the start of 2019. About one year of correction. For now, the pattern is broken. All of us know that the falling wedge is one of the best patterns for correction in a bull run. So the pattern is broken, the correction is done. So what do you guess about the next move? Right, the market cap will grow again, maybe another huge grow, maybe within this year.
(Remember that the traditional stock markets are falling, So where the money will go? Gold? Or maybe, Crypto?)

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The next interesting chart is about bitcoin dominance (MARKET CAP BTC DOMINANCE).

We can see that the btc dominance is moving in a Fib channel, Hitting the top and bottom twice. For now, we are at a critical point. If the dominance breaks the top, we can expect some rises, at least about 70%. But the most probable scenario is this: the dominance is unable to break the top and it will go to hit the bottom again, yes. bitcoin is old, there are very interesting blockchains and digital currencies better than bitcoin blockchain in the market. Vitalik said the next growth will come from the depth, the applications, and usage, he is true. So in my opinion, we can see the dominance below 30% soon.

Published at Mon, 11 Feb 2019 13:08:11 +0000